Atos Extends Deadline for Restructuring Proposals to Next Week

(Bloomberg) -- Atos SE has extended its deadline for selecting a preferred rescue bid to allow for further negotiations to improve the refinancing proposals. 

The deadline for picking between Czech billionaire Daniel Kretinsky’s EP Equity Investment and French IT company Onepoint, which both submitted proposals with partners, has been delayed to the “beginning of the week of June 10,” Atos said in a statement Thursday.

The conciliator overseeing the refinancing talks has requested more time to ensure maximum support from the company’s creditors, Atos said. The heavily indebted company still aims to reach a final financial restructuring agreement by July.

Atos was once one of France’s premier tech companies and a wannabe competitor to Accenture and Capgemini, before accounting scandals and huge debts left it on the verge of insolvency. Even though Atos has lost 90% of its value in the last year, it remains a key IT services provider in its home country, with strategic contracts linking it to the defense and nuclear industry, as well as the Olympic Games.

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