The French IT group Atos is facing financial difficulties due to high debts, and they are looking to raise 1.2 billion euros in funds. They plan to convert nearly half of their debt into shares as part of their refinancing strategy.
Atos presented their refinancing plan to creditors on Monday, outlining the need for 600 million euros in cash to finance activities in the years 2024-2025. They have reached an agreement in principle with several banks and the French state for interim financing of 450 million euros, providing them with the necessary breathing room to finalize a refinancing agreement by July.
As part of the interim financing agreement, the French state will provide a loan of 50 million euros and in return will receive a “preferred share” in Bull SA, an Atos subsidiary with sensitive activities. Creditors are expected to submit their proposals by the end of April.
Despite these challenges, Atos remains a key player in the upcoming Olympic Games in Paris next summer.
