French IT giant Atos announced on Monday that it has successfully secured 1.675 billion euros ($1.82 billion) to restructure its debt via a lock-up agreement with a consortium of banks and bondholders, representing over 50% of its creditors.
Atos stated that other creditors have until July 22 to join this agreement. Additionally, the company has obtained interim financing amounting to 800 million euros, with 450 million euros already available, ensuring the necessary liquidity to sustain its operations until the financial restructuring is finalized.
Atos emphasized that the participating banks and bondholders do not plan to act in unison, and the company will continue to be 'not controlled' post-restructuring. The board of directors will retain a majority of independent directors, and certain creditors will be entitled to propose the appointment of board members and/or observers.
The new governance structure will be disclosed following the completion of the restructuring, anticipated to conclude by the end of 2024 or early 2025.
