Crucial day for Atos. While the candidates for the takeover of the French IT group in serious financial difficulty had until this evening to submit their offer, another game, decisive for the rescue of Atos, was also being played out this Friday on the creditors’ side. Key players to the extent that, in the case of a company in accelerated safeguard procedure, they have a right of veto on the option chosen for the rescue of Atos. “ They are the ones who lead the dance », confides someone close to the case.
Atos saved?
And some good news was emerging this Friday evening. According to our information, the bondholders and the banks which share Atos’ debt of 5 billion euros had reached an agreement to display a common position. Namely that they provide their support to Atos by financing the company with “new money”, ideally with an industrial shareholder, but also that they are ready to convert part of the debt into capital. A painful agreement which pushes some to affirm that Atos is saved.
The creditors have a very precise idea of the buyer profile they want to relaunch Atos: “ They want an industrialist who brings his know-how to quickly turn around Atos and restore customer confidence, explains a person familiar with the matter. But which also retains the entire scope of the group with the exception of the sovereign activities which the State will take over, because they believe that this is the best way to create value “.
Upcoming negotiations with candidates
By having a common position, creditors want to force candidates to align with their strategy. No need to convince Onepoint. Led by David Layani, the company, already an 11% shareholder in Atos, corresponds to the desired profile. He is in fact committed to maintaining the scope of the group.
And, while his financial strength is less than that of Daniel Kretinsky, who was to submit an offer according to BFM Business after having given up at the start of the year to buy the Techfoundations branch, the president of Onepoint has secured the funds he intends invest in Atos, and confirmed them to the State and creditors. On an operational level, the system to be deployed upon recovery has been finalized. A third offer, this time from the American company Bain, shareholder of the French IT services group Inetum (formerly GFI Informatique), was about to be presented, according to Les Echos.
Negotiations will begin quickly to set the amounts and conditions of the capital contribution in the short and medium term, but also on the distribution of the debt which will be converted into shares and that which will be maintained. All of this will define the future shareholder structure of the group. On Monday, Atos management revised upwards the liquidity and debt reduction requirements necessary for the group’s revival, hoping to finalize its financing plan by July.
Atos is looking for a lot more money to get by
