Brazil
Atento completes restructuring with support from financial advisors
Latin America-focused CRM software provider Atento has completed a major financial restructuring process. The process was guided by a consortium of bankers, consultants, and lawyers.
Atento, one the world’s largest providers of customer relationship management (CRM) and business process outsourcing (BPO) services, has announced it is rolling out a new business strategy after successfully completing a restructuring process. The new strategy will see a shift towards aiming to boost competitiveness and growth in its core areas of business.
“We’re excited to start this new phase with a strong focus on clients, people and technology. We believe that to lead the next era of CX it is key to structure intelligent, agile, and humanized services, where people must be at the heart of the interaction,” said Dimitrius Oliveira, CEO of Atento.
The company, with headquarters in Madrid but most of its operations in Latin America, received first $37 million and later an additional $76 million in commitments as part of the restructuring. The company converted most of its debt into equity as a result of the restructuring.
The financial engineering process was supported by consultants from Houlihan Lokey, FTI Consulting, Sidley Austin, and Loyens & Loeff.
One of the main points in Atento’s new business strategy is revenue diversification, which the company hopes to achieve by moving into the US market and through continued investments in multilingual offerings. Besides that, Oliveira expressed Atento will continue with a drive towards further innovation in areas like artificial intelligence and automation.
“We are embarking on this new path more focused than ever on guaranteeing excellence, growing as a company, expanding our geographical presence and revolutionizing the CX sector with a focus on transformation,” he added.
Atento started facing problems in 2021 after being hit by a cyberattack and suffering from bad rates on cross-currency swaps. Despite that, the company managed to secure enough rescue financing to begin a restructuring process, which was deliberated in a UK court.
