Ashurst advises the Bondholders' Steering Committee in Atos' Financial Restructuring

Paris, 16 July 2024 – Ashurst has advised the Bondholders' Steering Committee in the financial restructuring of Atos. Atos announced on 15 July the signing of a lock-up agreement setting the terms of its close to 5 billion euros financial restructuring with the creditors composing the bondholders' steering committee and the group's main banks.

The financial restructuring of Atos S.E. includes the conversion into equity of more than 2.9 billion euros of debt, a capital increase with the preservation of existing shareholders' preferential subscription rights of approximately 233 million euros (partially guaranteed by the participating creditors), as well as new secured financing of nearly 1.675 billion euros provided equally by its bond and bank creditors.

Pending the completion of the restructuring transactions, which is contemplated to occur as part of an accelerated safeguard process, Atos and its main creditors have also agreed to enter into an interim secured financing of 800 million euros, providing the necessary liquidity to fund the business until the closing of the financial restructuring.

Atos' financial restructuring is the most significant restructuring of the year 2024 in the market and the largest lenders led deal in France to date, in terms of new financing proposed.

The Ashurst team in Paris was led by Noam Ankri, partner, with Elsa Decourt, counsel, Astrid Hubert-Benoist, senior associate, and Victoire Gabai, associate, on restructuring and corporate aspects; Nicolas Bombrun, partner, and Athénaïs de Sercey, associate, on stock market aspects; by Agathe Motte, partner, Pierre Roux, partner, as well as Lucien Jarry, Arnaud Conquis, and Kevin Perraudin, associates, on financing aspects; by Christophe Lemaire, partner, and Agathe Camus, associate, in competition and state aid; and by Hubert Blanc-Jouvan, partner, on regulatory aspects.

The Ashurst team was complemented, on competition and regulatory aspects, in Brussels by Jessica Bracker, Giulia Carnazza, Maëlle Lallemant, and Jan Van Riet, associates, in Brisbane by Annabel Doneley, counsel, and Ratha Nabanidham, partner, in Milan by Gabriele Accardo, partner, in Madrid by Alfonso Gonzalez-Espejo, Alberto Rus, and Patricia Valenzuela, in London by Steven Vaz, partner, and Christopher Eberhardt, counsel, and on financing aspects in New York by Mike Neary and Julia Lu, partners, as well as Andrew Kahl, associate, and in London by Mark Edwards, partner, and Elisa Raiteri, associate.