Atos is blowing its own trumpet this morning, having secured a contract with the European Commission’s CLOUD II Dynamic Purchasing

Atos appointed four senior executives to assist in its operational turnaround, which is required to right-size the business. The four appointments, in various

Atos released its H1 liquidity position as required by various credit agreements. Cash and liquidity have deteriorated by €374 million but

In November 2024, the French state made a non-binding offer for the Advanced Computing Activities of Atos for an EV of €500m and up to

Atos is holding its Capital Markets Day in Paris today, unveiling a new four-year strategic plan following the completion of its financial restructuring in

The company’s initially resounding rebuttal this morning narrows significantly in the admission that there was a security breach of “data mentioning the

The French state, determined to buy the Advanced Computing segment from Atos, has resubmitted a non-binding offer of €500m with exclusivity

Our main concern with the restructuring proposal which Atos is progressing through the courts is the business remains over-leveraged.  We keep an eye on

The option held by the French state to acquire the Advanced Computing, Mission-Critical Systems and Cybersecurity Products businesses of

Atos have updated the market, stating they have obtained the additional two-month extension to the accelerated

Atos has again revised their projections downwards for 2024-2027.   Management are expecting yet lower top-line revenue, driven by underperformance in the

(Aengus on Tomá’s behalf) The new CEO is a banker by trade, so his skill set is a fit for a company undergoing debt restructuring. We expect Mustier to

Atos announced yesterday (Wednesday) the opening of accelerated safeguard proceedings in the Commercial Court of Nanterre.  At the

Atos has not disclosed the % of financial creditors who have signed the Lock-up Agreement, which implies the number is low, only stating a

We have not been fans of ATOS bonds at any time so far. We are still not interested in taking a position, even as we previously indicated that a

Atos continue to make progress with its restructuring proposal, with the Company providing a further update to the market today.  Atos has completed the

Despite the speculation, there is no room for EPEI (Kretinsky) in the confirmed creditor plan.  The creditor plan is broadly the same as first proposed in partnership

The soap opera that is Atos continues.  Creditors now have the opportunity/obligation to go it alone, as David Layani and OnePoint are forced to

All the pieces appear to be falling into place for a definitive financial restructuring by July this year.   Atos today received a non-binding offer from the

To move the restructuring forward, Atos released a statement this morning, seeking bondholders and banks who wish to participate in the new money and equity

We have a winner, but is it the best deal?  It doesn’t matter, as it was the only deal likely to succeed. Tellingly, the market update from the Company doesn’t state that

Krentinsky's final and best offer from last week has apparently improved.  According to BFM Business, the improved offer is for creditors to receive c.20% of the

Please find our existing model here. 

The main focus of this email is to outline the two proposals in front of Madame Hélène Bourbouloux, the Company and ultimately, the creditors who will

Into the final straight, and three becomes two.   The race will likely end on Thursday, with Atos to issue a further statement on Thursday updating on

Le Figaro report on a letter sent to the courts and administrator that a blocking minority of creditors intend to reject the EPEI (Kretinsky)/Attestor offer.  EPEI have