(Reuters) – Atos presented its long-awaited refinancing plan on Tuesday, which is based on finding 1.2 billion euros in new money and converting half of the debt into shares.

On the Paris Stock Exchange, Atos shares are volatile. It lost 8.6% to 2.11 euros at 08:44 GMT, after gaining 8.3% in early trading.

The struggling group is seeking 600 million euros in liquidity to finance activity over the 2024-25 period, 300 million euros in new revolving credit lines and 300 million euros in additional bank guarantee lines.

The 600 million liquidity “may be provided in the form of debt and/or capital by existing stakeholders or third-party investors,” Atos said in a press release.

Atos also proposes to extend the remaining debt maturities by 5 years, including 3.65 billion euros due at the end of 2025, and aim for a refinancing agreement with financial creditors by July 2024.

In an interview with journalists, Paul Saleh, CEO of the group, clarified that Atos will examine all rescue plans proposed by investors, including that of the CEO of Onepoint, after April 26.

The group, which has activities considered strategic by the French government, is facing increasing pressure after profit warnings and the failure to sell some of its assets.

The Ministry of Economy and Finance also reacted by declaring that the loan granted by the French State to Atos, of 50 million euros, will give it a greater right of oversight over strategic activities.

All means will be used to “guarantee the protection of strategic activities,” Bercy added in a press release.

(Writing by Lina Golovnya, editing by Zhifan Liu and Kate Entringer)

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