Already full of twists and turns, the Atos case has just delivered its greatest twist. While the financial restructuring offer presented by entrepreneur David Layani and a group of bondholders was accepted on June 10, after weeks of negotiations, the solution fell apart.
Onepoint, David Layani’s company, and its two allies, the Butler Industries fund and the IT company Econocom, withdrew from the discussions on the evening of June 25, Atos announced in a press release published the following morning. “The Onepoint, Butler Industries and Econocom consortium noted that the conditions were not met to conclude an agreement”explained the three partners.
This surprise defection brings back into the game Czech businessman Daniel Kretinsky, whose competing offer had been rejected by Atos on June 10. “The company received, on June 25, 2024, from EPEI [le fonds d’investissement de M. Kretinsky] a letter reiterating its interest in participating in its financial restructuring”, explained the group. The Czech billionaire will, however, have to come to an agreement with the bondholders, previously associated with David Layani, and now in the front line to take over Atos.
Tight relationships
THE “representative committee of its bondholders (SteerCo)” filed a “revised global financial restructuring proposal to meet the group’s short and medium term liquidity demand”, specified Atos. The aim is to sign a formal agreement with a majority of creditors during this week in order to be able to finalize the financial restructuring at the end of July.
These bondholders, most of them investment funds specializing in debt, supported by several banks, say they are ready to become shareholders and ensure the recovery of the group, without the help of Mr. Kretinsky. “As we showed in 2023 during the restructuring of Orpea’s debt, we know how to mobilize the necessary capital and commit ourselves alongside companies”, explains Charles-Edouard Joseph, partner of the Boussard & Gavaudan fund, one of the main members of the group of creditors. For Atos, they are ready to provide 1.5 billion euros of financing, at very high interest rates. They will add 75 million euros in equity. They began auditioning candidates for president and CEO.
In recent days, relations have become strained between Mr. Layani and his two allies. The entrepreneur needed Butler Industries and Econocom to provide 175 million euros of capital to Atos. But when it came time to raise the money, the association collapsed. Abandoned by his partners, David Layani, whose financial resources were limited, could no longer finance the capital contribution alone. Those around him claim a bigger hole than expected in Atos’ finances. Argument denied by the group, which assures that its “activity is in line with the business plan which was presented on April 29”.
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