London – Global law firm Hogan Lovells, working with Rothschild & Co as financial advisor, has advised an ad hoc group of noteholders of Atento Luxco 1 (“Atento”) on the multi-jurisdictional financial restructuring of Atento, a leading global business process outsourcer.
The restructuring, which closed this week, was implemented through a UK restructuring plan pursuant to Part 26A of the Companies Act 2006 (the “Restructuring Plan”). The Restructuring Plan was approved by Atento’s creditors at creditor meetings held on 13 November 2023 and was subsequently sanctioned by the English court at a sanction hearing held on 17 November 2023.
The Restructuring Plan and related transactions remove more than $650 million in debt from Atento’s balance sheet, provide $76 million in exit financing, and result in Hogan Lovells’ clients becoming majority equity holders in Atento. In connection with the restructuring, Hogan Lovells earlier advised the ad hoc group on the provision of $37 million in interim financing to Atento in Summer 2023, and a rescue financing of $40 million in February 2023.
The Hogan Lovells team, advising across more than eight offices, was led by partners David Simonds (Los Angeles/New York – BRI), Alex Kay (London – BRI) and Matt Schernecke (New York – Financing), supported by partners Alex Koch (Luxembourg– Corporate & Finance) and Richard Aftanas (New York – Capital Markets), counsels Emmanuel Lamaud (Luxembourg – Corporate & Finance) and Benoît Serraf (Luxembourg – Corporate & Finance), and senior associates Alex Snell (London – BRI), Jonathan Morris (London – BRI), Edward McNeilly (Los Angeles – BRI), and Stephen Bate (London – Capital Markets). The Rothschild & Co team was led by Marcelo Messer and Michael Sutter, Debt Advisory & Restructuring.
