(Bloomberg) -- Embattled French IT company Atos SE is seeking €600 million ($651 million) in cash and another €600 million in credit lines and loan...
-- Embattled French IT company Atos SE is seeking €600 million in cash and another €600 million in credit lines and loan guarantees to fund the business through 2025, according to a restructuring plan presented to creditors. Atos is aiming to cut its debt by €2.4 billion by 2026 and wants to extend its remaining debt maturities by five years, the company said in a statement on Tuesday.
“A halving of gross debt by the end of 2026 seems to us to be too much,” Udaac, an organization of Atos minority shareholders, said in a statement. “We fear that this reduction will be achieved too significantly by converting debt into shares.” The company is seeking to recover a BB credit rating profile by 2026. S&P Global Ratings downgraded its debt this year to B-, six steps into junk territory. All of Atos debt is currently unsecured. Whether or not some creditors get more security will depend on the proposals, Saleh said.
The proposal is part of a formal restructuring process known as conciliation with the company’s creditors, under the supervision of a court-appointed mediator. Atos said last month it has sufficient liquidity until it reaches a debt deal and that it hoped to have a comprehensive agreement by July. What do you do if the US stock market suddenly drops by 25%? The late founder of Vanguard Group’s sage advice
TORONTO — Five things to watch for in the Canadian business world in the coming week: House resumes The House of Commons resumes sitting this week ahead of the federal budget on April 16. The Liberal government has already made several budget-related housing announcements in recent days during a campaign-style tour across the country. Energy conference Some of the biggest names in the Canadian energy industry are meeting in Toronto this week at the BMO Capital Markets CAPP Energy Symposium.
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