The restructuring process has started. Atalian is working with a noteholder group representing more than 50% of the 2028 notes. With the
Read MoreWe were surprised at the Atalian announcement yesterday. We did expect that another restructuring would be needed, but didn’t expect it to be quite so imminent. Clearly,
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As long as Atalian has enough liquidity to get by, we expect management to hold out, but a potential sale to a competitor (even if
Read MoreThe Marseille Metro contract is a microcosm of the problems Atalian faces in its French business. The previous cleaning company
Read MoreThe 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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