Atos creditors reach deal to rescue debt-laden group, La Tribune says

A French national flag flies near a logo of French IT consulting firm Atos, at the entrance of a company's building, in Angers, France, March 20, 2024. REUTERS/Stephane Mahe/File Photo, which secures communications for the French army and is set to manage cybersecurity for this summer's Paris Olympic Games, La Tribune newspaper reported on Saturday.

Atos had given itself until Friday evening to receive refinancing offers. Its financial difficulties had led the French state to offer to acquire some of its strategic assets. Under the agreement the bond creditors and banks which share Atos' debt would inject 1.2 billion euros of cash, potentially with an industrial shareholder, and convert part of the debt into capital, the financial newspaper said.in cash to fund its businesses over the 2024-25 period, compared with 600 million euros in a previous estimate, due to changing market conditions.

The group manufactures servers for supercomputers capable of processing large quantities of data for research or to develop the nascent artificial intelligence industry.Taiwan's Foxconn, the world's largest contract electronics maker and the biggest assembler of Apple's iPhone, reiterated on Sunday it expected a rise in second-quarter revenue, and reported record sales for the month of April.

Source: Loan Digest (loandigest.net)

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