French IT firm Atos seeks over $1 billion in new funds: report
IT firm Atos has told creditors and bondholders it is seeking more than 1 billion euros ($1.09 billion) in new funds, Bloomberg News reported on Monday, citing people with direct knowledge of a new restructuring plan.
Atos is aiming to convert about half of its $5 billion debt into equity as part of the plan disclosed during a confidential meeting on Monday, Bloomberg said.
Elevate Your Tech Prowess with High-Value Skill Courses
Offering CollegeCourseWebsiteIndian School of BusinessISB Product ManagementVisitIndian School of BusinessISB Professional Certificate in Product ManagementVisitIIT DelhiIITD Certificate Programme in Data Science & Machine LearningVisit Atos has not made immediately clear who would inject cash in the company and how remaining debt terms would be renegotiated, the Bloomberg report added.
An Atos spokesperson did not respond to an email seeking comment.
A former French top CAC 40 blue chip, Atos has seen its stock price lose more than 90% of its value in the past three years after a series of strategic missteps, operational setbacks, and governance crises.
Given Atos' cybersecurity and super-computing activities, the French government is closely following the company's fate. Prime Minister Gabriel Attal said last week maintaining the company's financial stability was a government priority.
