Atos Group saved by agreement with creditors and banks

Following the collapse of a deal to take over Atos, the struggling IT group has reached an agreement with its bondholders and banks to rescue the company. The agreement includes a capital increase of €233 million, a contribution of €1.5 to €1.675 billion, and a debt reduction of €3.1 billion.

The restructuring operations are expected to be completed by the end of 2024 or the first quarter of 2025. With approximately 100,000 employees across 69 countries and serving as a technological pillar for the upcoming Paris Games this summer, Atos aims to quickly launch operations before the Olympic Games.

Banks and bondholders will become majority shareholders of the group, holding up to 99.9% of the capital. However, current shareholders have the option to contribute and secure up to 25.9% of the capital, in order to avoid dilution of their stake.

Atos was once considered a flagship of French IT but was burdened with significant debt and was fighting for survival. Entrepreneur David Layani (Onepoint) recently abandoned efforts to save the company. With this agreement, Atos hopes to improve its financial position, achieve a “BB” credit rating by 2026 and maintain a minimum liquidity of €1.1 billion until December 31, 2026.

By Riley Johnson

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