Discussions between French facilities management company Atalian and its bondholders over how to tackle €1.2bn in looming maturities appear to be drawing closer, as bondholders start organising and the company seeks to identify noteholders.

A group of Atalian bondholders has hired law firm Weil to represent them in discussions, said a person familiar with the matter. The group is relatively concentrated, including around half-a-dozen funds spanning both distressed hedge funds and real money asset managers.