Atos - Now it is Creditors turn.

Following the publication of the parameters of the Atos restructuring, we consider the various factors concerning the trade-off between debt forgiveness and fresh equity. We evaluate the projections provided by the Company and compare those to our model as well as to the reported sales proceeds previously indicated, which shapes our expectations. Our assessment of the liquidity needs of the Company differs considerably from that published by ATOS the other day and in light of the above we feel inclined to stick by our analysis.