French IT firm Atos was once a crown jewel valued at $15 billion. Now, it's drowning in debt and the government is helping it stay afloat [Yahoo! Finance]
DXC Technology Company (DXC)
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Source: Yahoo! Finance
It's also a strategically important company for France given its deep military and nuclear industry ties. At the peak of its success in 2017, led by now-EU commissioner Thierry Breton, Atos was valued at a whopping $15 billion It's been a sharp fall from grace since, as the French crown jewel's valuation is down nearly 98% since 2017. Atos is now struggling to address the €3.65 billion ($4 billion) debt pile due next year, as well as a similar amount in losses hanging over it. The situation has become a headache for the government as the company is too big to fail. On Tuesday, the IT and cybersecurity company struck a deal with the French government and a group of banks and creditors for €450 million ($489 million) in interim loans. Atos said in its Tuesday release that any deal to deter bankruptcy could cause a "significant dilution of existing shareholders." And that's not all—Atos is looking for over €1 billion ($1.1 billion) in new financing for its business. In exchange
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- 2/1/24 - Beat
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- 4/4/24 - Form 8-K/A
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- 4/1/24 - Form 4
- DXC's page on the SEC website