Atos secures funding of $1.82 billion to restructure its debt

(Reuters) – French IT company Atos said on Monday it had secured funding of 1.675 billion euros ($1.82 billion) to restructure its debt through a lock-up agreement with a group of banks and bondholders, accounting for more than 50% of its creditors.

Remaining creditors have the opportunity to participate in the agreement until July 22, Atos said.

The company said it had also secured interim financing of 800 million euros, of which 450 million euros was already accessible to it, providing it with the liquidity needed to fund its business until the financial restructuring plan is concluded.

Atos said the banks and bondholders did not intend to act in concert together and the company would remain “not controlled” after the end of the financial restructuring.

“The Board of directors will remain composed by a majority of independent directors, and certain creditors will have the right to propose the appointment of members and/or observers,” Atos said.

The new governance will be announced after the end of the restructuring, expected at the end of 2024 or at the beginning of 2025, it added.

($1 = 0.9179 euros)