Reported 12 months ago
Creditors of Atos SE have reached an agreement that will involve them taking control of the struggling French IT services firm. The deal includes converting €2.9 billion of loans and bonds into equity, providing up to €1.675 billion of new debt, and injecting €233 million in new equity. Atos will request a commercial court to open an accelerated safeguard for restructuring once it gains enough creditor support, a move that allows the company to proceed with the restructuring even over objections from dissenting stakeholders. Atos, once a top tech company in France, faced financial challenges due to accounting scandals and debts, which led to a significant drop in value but maintains key contracts in the country's IT services sector.
Source: YAHOO