The malaise in Atalian’s French business is not going away. The Marseille Metro contract looks to be plagued with
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Another weak quarter with disappointing customer retention. Also, indexation recovery will be impeded as from July, cleaning wages will increase more than
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The inability to pass on higher wage costs and client losses in France were headwinds in 2024. Revenue was in line with reduced guidance, but EBITDA was
Read MoreTerrible timing on the announcement and indicative that the internal machinations at Atalian have not gone away. Atalian losing
Read MoreThe €63m received from the repayment of a vendor note (relating to the sale of the UK Business) was
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Atalian Revenue and EBITDA were in line with our estimates, but the operating environment is difficult, and there is little reason to believe it will improve
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The renewal of Atalian's €250m factoring line did not surprise us. After sticking with Atalian through a restructuring, withdrawing the
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An inability to pass through higher costs to clients continues to drag on Atalian’s results; the company also admitted that full recovery of higher wages will not happen in
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Q2 results from Atalian were weaker than expected due to continued difficulties passing through higher costs in the French business. Full-year guidance has
Read MoreThe jailing of Franck Julien will not impact Atalian badly. Atalian has a CEO in place and needs to focus on operational success over the
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The results were below our forecasts, and despite reiterating FY guidance Atalian will need to work hard on pass-throughs over the rest of the
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Having got >90% consent in each of its bonds, Atalian can now bind holdouts under the bond documents and avoid the need for a
Read MoreHaving passed the 67% minimum consent level (73.8%), Atalian can proceed with its exchange plan via an accelerated safeguard process. The deadline for
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Atalian have reached an agreement with the ad-hoc bondholder group to extend maturities of the 2024 and both 2025 bonds until June 2028, with the new bonds having (3.5% cash and 5% PIK coupon). In addition, €400m of cash, split €240m of rate
Read MoreThe completion of the sale of US assets to GDI offers an exit from Atalian's issues in the US unit but makes little difference to cash. As we commented recently, the
Read MoreMaximilien Pellegrini has left after only a few months, the Strategic Plan has not emerged, and now we have the sale of the US assets. Turning around the
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