French IT company Atos has successfully garnered approval from over two-thirds of its shareholders and creditors for its proposed accelerated safeguard plan, as announced on Friday.
The draft plan entails converting €2.9 billion ($3.24 billion) of debt into equity and obtaining between €1.5 billion and €1.675 billion in new debt financing. These transactions are slated to occur between November 2024 and January 2025, according to the company’s statement.
Once a leader in Europe’s software and technology sector, Atos has faced significant financial challenges in recent months. However, the company reached a pivotal restructuring agreement with banks and bondholders in June.
The Nanterre Commercial Court is set to review the draft plan during a hearing on October 15, with a decision anticipated by the end of the month. If approved, the plan will be binding for all parties involved, enabling Atos to move forward with its financial restructuring.
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