Atos creditors reach deal to rescue debt-laden group

Paris — Creditors have reportedly reached an agreement that could rescue tech firm Atos, which secures communications for the French military and is set to manage cybersecurity for this summer’s Paris Olympic Games.

Atos had given itself until Friday evening to receive refinancing offers, La Tribune newspaper reported. Its financial difficulties had led the French state to offer to acquire some of its strategic assets.

Under the agreement the bond creditors and banks which shared Atos’ debt would inject €1.2bn of cash, potentially with an industrial shareholder, and convert part of the debt into capital, the financial newspaper said.

Atos said on Monday it needed €1.1bn in cash to fund its businesses over the 2024-25 period, compared with €600m in a previous estimate, due to changing market conditions.

The French state announced last weekend it was ready to acquire strategically important assets from Atos, including its Advanced Computing, Mission-Critical Systems and Cyber Products.

The group manufactures servers for supercomputers capable of processing large quantities of data for research or to develop the nascent artificial intelligence industry.

French media have mentioned potential suitors including Bain Capital, Thales, Dassault Aviation and Czech business figure Daniel Kretinsky who may be interested in parts or all of Atos.

Reuters