GLAS News

November 27, 2023

GLAS are pleased to announce the successful implementation of the financial restructuring of Atento

LONDON, UK (27 November 2023)

GLAS acted as Information Agent, Holding Period Trustee, Tabulation Agent, and New Money Agent for Atento, one of the world’s largest providers of customer relationship management and business process outsourcing (CRM/BPO) services and industry leader in Latin America in their successful UK Restructuring Plan.

Atento Restructuring

Atento

Atento has developed its business model in 17 countries where it employs approximately 135,000 people and has over 400 blue chip clients to whom it offers a wide range of CRM BPO services through multiple channels. It’s clients are mostly leading multinational corporations in industries such as telecommunications, banking, tech, fintech, health, retail and public administrations, among others.

Successful restructuring

The Restructuring Plan implemented several innovative features, including a consent solicitation to amend the governing law of New York law notes to English Law.

The company’s creditors overwhelming approved the restructuring at the creditors meeting on 13th November and were sanctioned by the English Court at the sanction hearing on the 17th November 2023.

Links

Atento website.
Atento press release.

About GLAS

GLAS was established in 2011 as an independent provider of institutional debt administration services. The company was originally created to provide the market a willing participant in complex loan restructuring transactions where many large institutions are reluctant to take swift and cooperative action. It offers a wide range of administration services developed specifically for the debt market.

GLAS is recognised as the premier independent, non-creditor, conflict-free provider of loan agency and bond trustee services, with excess of USD320bn of assets under administration on a daily basis. For more information, please contact media@glas.agency.

Summary
Article Name
GLAS acted as agent and security agent on the first-of-its-kind restructuring of international shipping company Vroon
Description
This was the first restructuring to be carried out using a parallel English scheme of arrangement and Dutch WHOA plan. This restructuring involved certain lenders receiving participations in a new syndicated secured facility, while other lenders had their facilities amended as well as a debt-for-equity swap.
Author
Publisher Name
GLAS
Publisher Logo
EMEA, London, Restructuring