Source: AFP
Struggling French technology group Atos, an Olympic partner and key French defense contractor, said on Monday it would make a decision on financial restructuring offers by May 31.
Atos — which runs supercomputers for France’s nuclear deterrent, has contracts with the French military and is the IT partner for the Paris Olympics — is reeling under nearly five billion euros ($5.4 billion) in debt.
The group said last week that it now needs 1.1 billion euros in cash to stay afloat in 2024-2025, down from a previous estimate of 600 million euros. It is also seeking to reduce its debt by 3.2 billion euros.
Atos said in a statement on Monday that its board received four financial restructuring offers on Sunday.
The proposals were made by US investment firm Bain Capital, Czech billionaire Daniel Kretinsky’s Equity Investment, top shareholder Onepoint and a group of bondholders and banks.
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![](https://images.yen.com.gh/images/32b6615a8fc80fe0.jpg?impolicy=cropped-image&imwidth=256)
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Atos said it had rejected Bain Capital’s offer but would work with its creditors to choose one of the other proposals by May 31, with the aim of reaching a final restructuring deal by July.
The Olympics start on July 26, but Atos has insisted its financial problems will not disrupt its operations during the Games, for which it will provide real-time results and manage more than 300,000 credentials.
“We will now work with our financial creditors to find a solution by May 31 that is acceptable to them and consistent with the parameters we have shared,” said Atos chief executive Paul Saleh.
“I am confident that a final agreement can be reached by the July target which would ensure business continuity for our customers and be in the best interests of Atos’ employees, customers, suppliers, creditors, shareholders and other stakeholders “, he added. .
![](https://images.yen.com.gh/images/8304fe4908f1867f.jpg?impolicy=cropped-image&imwidth=256)
![](https://images.yen.com.gh/images/8304fe4908f1867f.jpg?impolicy=cropped-image&imwidth=256)
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The group warned that any deal “would likely involve radical changes to the company’s capital structure” and the issuance of new shares that would significantly dilute the stakes held by existing shareholders.
Atos also said it was in talks with the French state about its plans to acquire strategically important corporate businesses, including advanced computing, “mission-critical systems” and cyber security products.
Source: AFP