Atos says it needs 600 million euros of cash for 2024-2025 as part of refinancing

By Thomson Reuters Apr 9, 2024 | 1:54 AM

(Reuters) -France’s struggling IT consulting firm Atos on Tuesday said it needs 600 million euros ($651 million) of cash to fund its business in 2024 and 2025, as it laid out the parameters of the refinancing framework to restructure its debt.

The technology giant, which manages data and cybersecurity for France’s nuclear industry and the upcoming Olympic Games, said in March it was trying to find common ground with creditors over the whole of its debt that stood at 4.65 billion euros at the end of last year.

Atos said it plans to raise the funds through debt and equity from existing stakeholders or third party investors, who can submit financing proposals including new money by April 26.

Its debt maturities, including 3.65 billion euros due by the end of 2025, are to be extended by five years under the agreement Atos aims to reach with creditors by July, it said.

It aims to raise 300 million euros in new revolving credit lines and 300 million euros in additional bank guarantees.

The struggling group, which specializes in spy-to-AI assets deemed strategic by the French government, has been facing mounting pressure after profit warnings, a revolving-door of CEOs and recent collapses of two potential asset sales.

($1 = 0.9211 euros)

(Reporting by Augustin Turpin and Dimitri Rhodes in Gdansk; editing by Milla Nissi)