Atos seeks at least US$1bil in new funding

Firm resolve: Attal (right) speaks at the French National Assembly in Paris. The French prime minister says Atos’ strategic activities, which include providing cybersecurity for this year’s Paris Olympics, must remain under French ownership. — AFP

PARIS : The embattled French IT company Atos SE is seeking more than €1bil (US$1.09bil) in new funds and wants to cut its current debt pile by at least half, according to a restructuring plan presented to creditors.

Atos is aiming to convert about half of its debt into equity as part of the plan while extending the maturity of its remaining obligations, people with direct knowledge of the presentation said, asking not to be identified because the information isn’t public.