Anindita Nayak
Bhubaneswar, June 17, 2024:
Atos has agreed to a financial restructuring plan proposed by Onepoint as the company is seeking a bailout package to keep the company a going concern.
According to reports, the French IT major is also considering selling parts of its business to Alten and the French government.
Reportedly, Atos has accepted a rescue plan led by Onepoint, complemented by offers from Alten and the French government to acquire parts of its business, easing uncertainty for the struggling IT services company.
“The Board of Directors has concluded, under the aegis of the Conciliator, that the proposal received from the Onepoint consortium aligns with the corporate interest of Atos, including its employees, customers, suppliers, creditors, shareholders, and other stakeholders,” Atos officially announced recently.
Last week, Atos unveiled a financial restructuring plan aimed at stabilising its operations. The company revealed that it got a €270 million ($288 million) offer from Alten for its Worldgrid division, while the French government bid €700 million ($750 million) for Atos’ critical computing and cybersecurity operations.
The current restructuring plan also includes converting €2.9 billion ($3.10 billion) of debt into equity and securing €1.5 billion ($1.6 billion) in new debt.
Last month, Atos said that David Layani’s OnePoint, a group of Atos creditors, private equity firm Bain Capital, and billionaire Daniel Kretinsky alongside credit fund Attestor Ltd had submitted offers with the company.
The French firm had earlier sought the French government’s intervention for taking over its strategic businesses. The company has reached a 100 million euros ($108 million) interim financing agreement with bondholders.
According to Onepoint’s offer, Atos’ different business sectors, including cloud hosting, infrastructure management, cybersecurity, and consulting will be integrated. This aligns with Atos management’s vision of creating a robust French entity capable of large-scale transformations in corporate and public sectors, targeting €11 billion in revenue and approximately 100,000 employees. Atos will now work with Onepoint to finalize contract details through arbitration so that the process can be concluded by July.
