(Bloomberg) -- Atos SE said a French commercial court approved its financial restructuring plan, paving the way for creditors to take control of the troubled French IT company in the coming months.
Under the plan, Atos will receive about €1.5 billion to €1.7 billion ($1.6 billion to $1.8 billion) of new money by the beginning of 2025 to help fund its restructuring, the company said in its earnings statement on Thursday.
The decision was widely expected after Atos spent months negotiating the deal with creditors, but it’s an important step as the company — a key supplier to major French industries including nuclear facilities and last summer’s Olympic Games — works to avoid bankruptcy.
The plan will see creditors take control of the company and wipe out existing shareholders. It includes €2.9 billion of loans and bonds converted into equity and new financing from creditors.
Last week, Atos named businessman Philippe Salle as its seventh chief executive officer in about three years. Salle will take his role from Feb. 1 and was voted in as chairman. He takes over from Jean-Pierre Mustier, who’d served in both roles since July when the previous CEO stepped down.
©2024 Bloomberg L.P.