Atos selects Onepoint consortium for financial restructuring
€2.9bn of existing debt will be converted into equity as part of the new financial structure
The board of directors at Atos have accepted the financial restructuring proposal made by the Onepoint consortium – consisting of Onepoint, Butler Industries, Econocom, and a group of the company's creditors.
The decision comes after Atos postponed the deadline to this week to weigh proposals from two consortiums as part of a conciliation process – the Onepoint consortium and the EPEI consortium with Attestor Limited.
The board said it had decided the Onepoint consortium's proposal aligns with the corporate interests of Atos, particularly its employees and clients.
Jean-Pierre Mustier, chairman of Atos' board of directors, stated: "Today is an important milestone in our financial restructuring process. A solution has emerged, which aligns with the interest of the Company's stakeholders, particularly our employees and clients."
The key parameters of the restructuring proposal include:
- €2.9bn of existing debt to be converted into equity
- €1.5bn of new money debt, including €300m in bank guarantees
- €250m of new money equity split as follows:
- €175m from the Onepoint consortium for 21 per cent of the fully diluted equity
- €75m from creditors for 9 per cent of the fully diluted equity
Atos CEO Paul Saleh said: "The proposal submitted by the Onepoint consortium is generally consistent with the key financial parameters outlined by the company in April. It will adequately fund the business and allow Atos to extend its leadership position in the market."
Atos will now work with the Onepoint consortium to finalise the contractual documentation, aiming to reach a definitive financial restructuring agreement to be implemented through an accelerated procedure by July 2024.
The implementation of the restructuring proposal will result in a massive dilution of existing Atos shareholders, who would hold less than 0.1 per cent of the share capital.