A lock-up agreement with a group of banks and bondholders, comprising over 50% of its creditors, allowed the French IT company Atos to restructure its debt, and the company announced on Monday that it had secured funding totaling 1.675 billion euros ($1.82 billion). Up until July 22, Atos said, remaining creditors can take part in the agreement.
In addition, the company announced that it had obtained 800 million euros in interim financing, of which 450 million euros were already available to it. This will give the company the cash flow it needs to continue operating until the financial restructuring plan is completed. According to Atos, the company would continue to be “not controlled” once the financial restructuring was completed, and the banks and bondholders had no intention of working together.
“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,” said Atos. It stated that the announcement of the new governance will come after the restructuring is finished, which is anticipated to happen at the end of 2024 or the start of 2025.
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