Kretinsky makes Atos bailout offer

FILE PHOTO: A French national flag flies near a logo of French IT consulting firm Atos, at the entrance of a company's building, in Angers, France, March 20, 2024. REUTERS/Stephane Mahe/File Photo

PARIS: Embattled French tech company Atos SE has received offers to help bail out the company that will frame the discussions with its stakeholders around its restructuring.

David Layani’s OnePoint, a group of Atos creditors, private equity firm Bain Capital and billionaire Daniel Kretinsky alongside credit fund Attestor Ltd submitted offers last week, the company said in a statement yesterday.

The company decided not to pursue discussions with Bain Capital because the private equity firm’s offer didn’t meet Atos’ objectives.

Atos intends to reach a restructuring deal with its creditors on May 31 and a final agreement by July 2024.

Chief executive officer Paul Saleh is trying to salvage Atos, which was once one of the country’s premier tech companies before a series of setbacks left it on the verge on insolvency.

The company has said it needs to raise €1.7bil of new money to fund the business through 2025 and to cut debt by €3.2bil.

Atos said that talks with the French state over the takeover of the strategic businesses were ongoing.

The company reached a €100mil (US$108mil) interim financing agreement with bondholders and discussions are progressing with its banks and the government on the remaining €350mil, Atos said.

Details of the Kretinsky and Attestor combined offer were first reported by Bloomberg. Atos said yesterday that details of the proposals will be published on its investor relations website. — Bloomberg

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