French IT Firm Atos Seeks at Least €1 Billion in New Funds, Aims to Halve Debt [BNN Bloomberg (Canada)]
AIRBUS SE UNSP/ADR (EADSY)
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Source: BNN Bloomberg
Atos is aiming to convert about half of its debt into equity as part of the plan while extending the maturity of its remaining obligations, people with direct knowledge of the presentation said, asking not to be identified because the information isn't public. Exactly who would provide more than €1 billion in new funds and how remaining debt terms would be renegotiated weren't immediately clear, they said. Atos declined to comment on Monday. The company had said it will issue a statement on the presentation before the market opens on Tuesday. Atos's plans may change depending on whether the French government gets involved and whether third parties decide to inject new money into the company or buy parts of the business, according to the people familiar with the discussions. Atos, once seen as France's most promising tech company, is facing a wall of debt — and is running out of options for bringing it down. The firm has €3.65 billion ($3.95 billion) of debt due by the end of next
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News
- French government steps in to rescue Atos, once renowned as the nation's top tech firm [Fortune]Fortune
- Atos Seeks More Cash, to Slash Debt Further in Rescue Update [Yahoo! Finance]Yahoo! Finance
- Atos Boosts Cash Needs to €1.7 Billion, Seeks to Cut More Debt [BNN Bloomberg (Canada)]BNN Bloomberg
- French Government Makes Offer for Part of Atos, Le Maire Says [BNN Bloomberg (Canada)]BNN Bloomberg
- Atos to Seek More Cash, Delays Deadline for Creditor Proposals [BNN Bloomberg (Canada)]BNN Bloomberg