(Bloomberg) -- Czech billionaire Daniel Kretinsky is facing off against David Layani’s OnePoint in his latest attempt to rescue embattled French tech company Atos SE.

Atos said on Monday that it has received four proposals, including one it already rejected from private equity firm Bain Capital, to restore the group to financial health. The firm is seeking to reach a deal by the end of the month that would inject fresh funds and bring stability after clients began to hold off business. The third rescue offer is from a creditor group.

The bidders are seeking to return Atos to its former glory as one of France’s premier tech companies before accounting scandals and huge debts left it on the verge of insolvency. The proposals would slash debt and acquire a firm that remains a key IT services provider in its home country, even after losing 83% of its value in the last year. 

Atos shares fell 3.7% to €2.09 at 11:56 a.m. in Paris trading. 

Read More: Kretinsky Teams Up With Attestor in Bid for French IT Firm Atos

Kretinsky’s EPEI teamed up with credit fund Attestor Ltd. to propose €600 million ($646 million) of new common equity for Atos, according to materials posted on the Atos website Monday. The group would be financed by an additional €1.3 billion of working capital facilities. Bloomberg News first reported details of the joint Kretinsky-Attestor offer on Sunday.

OnePoint, which owns about 11% of Atos and is its biggest shareholder, is calling for a €350 million cash injection from the consortium in exchange for a minimum of 35% of shares. Layani will contribute €20 million to the plan, and Butler Industries would also participate. 

The bondholders’ plan foresees working with an anchor investor to keep the business together. All of the proposals focus on the some 90% of the business that isn’t considered strategically important and that the government is in talks to buy.

Bain proposed a bid on Atos’ Eviden cloud, digital and cyber unit, minus the strategic businesses that the French government plans to buy. Atos said the offer didn’t meet its objectives.

Before a deal is reached, the company has a €100 million interim financing agreement with bondholders and is in negotiations with banks and the government for an additional €350 million, according to Atos.  

Read More: Atos CEO Says Debt Talks Will Save Fallen French Tech Star

The original date to file proposals was pushed back by a week and the cash injection and debt cutting needs were revised after Atos reported that its debt troubles had put off customers and hurt its financial results in the first quarter. 

French Finance Minister Bruno Le Maire said last month that the government made an offer to take over some areas of the business that the government considers strategic. 

The state was compelled to intervene for national security reasons, given Atos’s key role as a supplier of IT services to the nuclear and defense industries as well as for cybersecurity at this summer’s Paris Olympics. Atos’s troubles have been embarrassing for French President Emmanuel Macron’s government, who is seeking to turn Paris into a global technology hub.

Previous plans to offload assets and raise funds have failed. Separate talks with Airbus SE and Kretinsky stumbled earlier this year, and the French government was forced to step in with interim financing. A court-appointed mediator is now handling its conciliation process with its creditors.

Kretinsky has a history of working with London-based Attestor, which specializes in distressed situations and bought Atos debt in recent months. They partnered during the restructuring of French grocer Casino Guichard-Perrachon SA that saw them take control of the company in March. 

Read More: Why France’s Onetime $15 Billion Tech Champion Needs State Aid

Atos provides information technology services, including for key government departments as well as the nuclear industry, and is providing cybersecurity to the Paris Olympics this summer. The company grew rapidly in the previous decade through acquisitions, adding supercomputing and cybersecurity services to its IT products. But investors began to balk at the spending, and in 2021, auditors found accounting errors at two of the company’s US entities. 

Meanwhile, analysts argue that Atos missed the industrywide shift to cloud-based services, alienating some customers. The shares tanked — dropping about 97% since the start of 2021 — and efforts to restructure the business failed leading to a revolving door of CEOs. 

Chief Executive Officer Paul Saleh, Atos’ fifth chief executive in less than three years, has put a confident spin on the talks so far, and said in an interview last month that he believes the company can be saved, characterizing the dialog with creditors as “very, very positive.”

--With assistance from Wout Vergauwen and Valentine Baldassari.

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