Turnarounds & Workouts recognized Atento’s successful UK restructuring in its special “Successful Restructurings of 2023” report. Sidley represented Atento, one of the largest providers of customer relationship management (CRM) and business process outsourcing (BPO) services in Latin America and among the top providers globally, in its successful restructuring and capital raise implemented via two parallel, inter-conditional, and multi-class UK restructuring plans in November 2023.
Pursuant to the highly complex transaction, Atento implemented a debt-for-equity swap for the majority of its US$760 million of financial liabilities, and also received a total investment of US$113 million during 2023 (including US$76 million of additional investment provided via the UK Restructuring Plans). The transaction therefore facilitated a significant deleveraging, placing Atento on a stable platform, ahead of its next phase of technological and geographical growth.
Sidley crafted Atento’s UK Restructuring Plan to include several novel features, such as using a consent solicitation to amend the governing law of New York law-governed notes to English law, as well as the incorporation of a new English company for the purpose of proposing a UK Restructuring Plan and assisting with recognition procedures in various international jurisdictions across Europe and Latin America. The plan received overwhelming support from Atento’s creditors and were subsequently sanctioned by the English Court.
The team was led by partners Kieran Sharma and Jifree Cader (Restructuring) and Bryan Robson (Global Finance). The transaction involved the team working together across several practice areas and offices, including London, New York, Chicago, Los Angeles, and Dallas.
