Atos to Assess New Rescue Offers From Kretinsky, Onepoint

(Bloomberg) — Atos SE received revised bids from the two consortia vying to take over the heavily indebted French IT company, and will work with creditors this week to choose between them.

Czech billionaire Daniel Kretinsky’s EP Equity Investment and David Layani’s Onepoint made proposals that were consistent with the targets set by Atos, including debt reduction and financing needs, the company said in a statement on Monday.

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Atos and its creditors will try to reach an agreement by Wednesday, with a final deal to restructure the company targeted for July.

The bidders are seeking to rescue what was once one of France’s premier tech companies, before accounting scandals and huge debts left it on the verge of insolvency. Even though Atos has lost 88% of its value in the last year, it remains a key IT services provider in its home country.

The bid led by French IT firm Onepoint, with help from Butler Industries and Econocom Group SE, is joined by a group of some of the company’s creditors, while Kretinsky’s EPEI is in consortium with turnaround specialist investor Attestor Limited. Details of the bids will be published on Atos’s website later today, the company said. A majority of the firm’s creditors will ultimately have to vote for their preferred refinancing proposal.

Atos still needs cash to keep its business running and said it is seeking an additional €350 million ($380 million) interim financing, on top of €450 million agreed in April, as part of the revised proposals to cover costs from July 2024 through the end of the restructuring.

Atos said it has also received offers for its smart energy business, Worldgrid, which are under review.

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