Atos, the struggling French tech group that is an Olympic partner and France's main defense contractor, said on Monday it would decide on a financial restructuring plan by May 31.
Atos, which runs supercomputers for France's nuclear deterrent, has contracts with the French military and is an IT partner for the Paris Olympics, is in the doldrums with nearly 5 billion euros ($5.4 billion) in debt. There is.
The group announced last week that it now needs 1.1 billion euros in cash to survive in 2024-2025, up from its previous forecast of 600 million euros. It also aims to reduce debt by 3.2 billion euros.
Atos said in a statement on Monday that its board received four financial restructuring proposals on Sunday.
The proposal was made by U.S. investment firm Bain Capital, Czech billionaire Daniel Kreczynski's Equity Investment, its largest shareholder One Point, and a group of bondholders and banks.
Atos rejected Bain Capital's offer, but said it would work with creditors to select one of the other offers by May 31 and aim to reach a final restructuring agreement by July. .
The Olympics open on July 26, and Atos insists that the deteriorating financial situation will not disrupt operations during the Games, which will provide real-time results and report more than 300,000 results. The plan is to manage the certification of
Atos CEO Paul Saleh said: “We intend to work with our financial creditors to find a solution by May 31 that is acceptable to them and consistent with the terms we have shared. ” he said.
He added: “We are able to reach a final agreement by our July target, ensuring business continuity for our customers and in the best interests of Atos' employees, customers, suppliers, creditors, shareholders and other stakeholders. I am confident that it will happen,” he added. .
The group warned that any agreement would “likely involve fundamental changes to the company's capital structure” and the issue of new shares that would significantly reduce the number of shares held by existing shareholders.
Atos also said it was in discussions with the French government about plans to acquire strategically important business activities, including advanced computing, “mission-critical systems” and cybersecurity products.
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