Friday Workout — Taking several steps back; cATOS-trophic bond collapse
- Chris Haffenden
They say that history doesn’t repeat itself, but it does rhyme.
And that is particularly true for French restructurings, especially if there is a political element.
The events in the past week at ATOS could be deja vu all over again for unsecured bondholders, which got a bagel (or a stale mouldy croissant) on Groupe Casino.
If it develops similarly to the French retail group and/or has the same end of life plan as Orpea, the French care home business — which saw local banks, CDC and local insurers win out over foreign special sits funds — j'ai de mauvaises nouvelles ( I hate to be the bearer of bad news), ATOS répéter le processus aussi.