PARIS (Reuters) – Atos shareholders and financial creditors voted favorably for the proposed accelerated safeguard plan, the group announced on Friday in a press release.

The restructuring plan for the group’s colossal debt, which had reached 4.8 billion euros, was approved by the required majority, or more than two thirds of the votes cast, Atos said.

The operations planned as part of the plan should lead in particular to the conversion into capital of 2.9 billion euros of financial debt.

In order to strengthen the company’s equity, a capital increase of 233 million euros is also planned, to which existing shareholders will be able to subscribe.

The company should also receive between 1.5 and 1.675 billion euros in new privileged financing and new equity capital resulting from the capital increase.

In July, Atos obtained the opening of an accelerated safeguard procedure with the Nanterre commercial court. His backup plan must now be examined at a court hearing, scheduled for October 15.

If approved by the court, the restructuring operations must be implemented between November 2024 and January 2025.

In recent weeks, the group has announced new contracts, notably with the European Space Agency (ESA) and with RATP. But the IT specialist had lost his contract with the International Olympic Committee to provide his services during the Olympic Games, according to an IOC announcement in early August.

Atos still faces significant challenges, with a heavy debt of 2 billion euros that remains to be repaid. Furthermore, if the new contributions are properly released, they will once again increase the debt burden.

Finally, the group must find a new general manager while Jean-Pierre Mustier, previously chairman of the board of directors, also had to take on the role of general manager following the departure in July of Paul Saleh.

(Written by Florence Loève, with Kate Entringer)

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