(Boursier.com) — The group’s bondholders Atos would have rejected the takeover offer from billionaire Daniel Kretinsky, considering that the project was “incompatible” with their intentions, reported ‘La Tribune’ this weekend… The financial media specifies that the bond creditors judge that the project cancellation of almost all of Atos’ debt carried by Daniel Kretinsky, in partnership with the Attestor fund, as well as the fear of a piecemeal sale, are not compatible with their desire to convert a level of less capital debt and maintain the integrity of the group.
Atos announced at the beginning of May that it had accepted as part of its financial restructuring procedure three proposals coming respectively from a group of bondholders and banks, from OnePoint, a company controlled by David Layani (main shareholder of the group , in consortium with Butler Industries) and EP Equity Investment (Epei), a fund controlled by Daniel Kretinsky.
“By construction, and due to its disproportion with regard to the activity, the debt of the restructuring project carried by Mr. Layani will be irremediably classified in the ‘junk’ category and we do not see how Atos could recreate confidence with a such rating”, indicated Epei and Attestor in a written statement in response to the ‘La Tribune’ article. “The responsibility of those who commit Atos to a dead end by accepting unsustainable debt will be considerable because the facts are stubborn and, due to the nature of its business, Atos is very degraded and would not survive a second attempt at restructuring,” the companies reported, adding that their offering was “fully funded.”
Atos, which has not commented on this latest information, intends to decide by May 31 on one of the restructuring offers to reach a final agreement by July.
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