Atos Accelerated Backup Plan Validated by Commercial Court

2024-10-24 08:49:00

thehe accelerated backup plan for the French IT group Atos, in serious financial difficulties, has been validated by the commercial court. It will be carried out between November 2024 and early January 2025, the company indicated in a press release on Thursday 24 October. “This important step guarantees the sustainability of Atos’ activities in the best interests of our employees and our customers, and allows us to confidently project the group towards a new page in its history”, reacted the new president of the board of directors on group, Philippe Salle.

This decision came minutes after Atos reported a significant decline in business with revenue of €2.3 billion in the third quarter, down 10.5% compared to the same period last year, notably in due to contract terminations. In the third quarter, orders received decreased by more than 30%, reaching 1.5 billion euros.

READ ALSO Because Bercy monitors the acquisition of Atos’ strategic assetsAtos hopes to reverse the trend with “more sustained commercial activity in the fourth quarter”, indicated Jean-Pierre Mustier, general director of the group, during an exchange with the press. “Customers understood very well that there was no uncertainty about our ability to renovate,” he added.

“Massive” dilution of shareholders

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The former technology flagship, whose share price has fallen by more than 90% since the beginning of the year, is therefore counting on the conclusion of its restructuring plan between November and December 2024, or January 2025 at the latest, to turn the situation around and avoid shipwreck. This plan, voted on in early September by creditors and shareholders, was drawn up after the abandonment of the takeover of Atos by its main shareholder, Onepoint.

READ ALSO Box Internet: Free is now the least competitive operatorIn addition to the cancellation of debt for 3 billion euros, out of a total of almost 5 billion, it envisages a capital increase and a “massive” dilution of shareholders. A mission entrusted to Philippe Salle, who will take the operational reins of Atos from 1 February 2025. «He is the most suitable person to lead our transformation, define our long-term industrial strategy and, of course, restore trust in Atos » , pointed to Jean-Pierre Mustier.