Atos creditors take a step towards financial rescue of the group

Atos requests support from its creditors.
Benoit Tessier / REUTERS

A group of bond and bank creditors of the IT group have reached an agreement in principle to provide financing to the IT group, which is in debt to the tune of 4.9 billion euros. Good news for Atos, even if the game is not yet over.

This is obviously good news for Atos, even if the company is not yet out of the rut. Friday evening, while the management of the French IT group was expecting the submission of takeover offers for the group from third-party investors, some of the company’s bank and bond creditors reached an oral agreement aimed at financing a plan rescue and thus loosen the cord of 4.9 billion euros of debt which is suffocating it. “ The details have not been signed, but there is no longer any possibility of playing the division between one and the other. This is only the beginning, the councils will discuss so there is still a lot of work to do”estimates a debt holder. But if everyone is reasonable, the worst may be over for Atos..

Although it is not an unprecedented case, it is rare for these two types of creditors to agree on this type of sensitive matter. “The bankers try to crush everyone in this type of case”notes the cited Source…

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