Atos, a struggling IT group, has reached an agreement with its bondholders and banks to rescue the company themselves. The deal includes a capital increase of €233 million, a contribution of €1.5 to €1.675 billion, and a debt reduction of €3.1 billion. This comes after the planned takeover by Onepoint, Atos’ largest shareholder, was abandoned.
Atos is a key technology provider for the Paris Games this summer and aims to launch operations at the beginning of July. Further restructuring operations are planned for completion by the end of 2024 or the first quarter of 2025.
Under the agreement, banks and bondholders will become majority shareholders, holding up to 99.9% of the capital. Current shareholders have the option to participate in the capital increase to avoid dilution, potentially securing up to 25.9% of the capital. This agreement marks a hopeful resolution to Atos’ recent financial struggles.
David Layani (Onepoint) had been leading a consortium that aimed to take over Atos but withdrew his support recently. The deal reached is expected to provide much-needed financial stability and a path to recovery for Atos.
The recent decision by entrepreneur David Layani (Onepoint) marked a significant turning point in Atos’ journey towards rescuing itself from financial distress. With this agreement in place, Atos aims to achieve a “BB” credit rating by 2026 and ensure minimum liquidity amount until the end of 2026.
In conclusion, this deal reached between banks and bondholders has brought hope back into struggling IT group Atos as it aims towards achieving financial stability and recovery after facing massive debts in recent years
