French technology firm Atos announced on Sunday that it has reached an agreement with a consortium of banks and bondholders regarding the terms of its debt restructuring plan.
The plan entails a capital increase with preferential subscription rights amounting to 233 million euros ($250 million), Atos stated in a release.
Under the terms of the agreement, approximately 2.8 billion euros of Atos’ debt will be converted into equity, resulting in a total debt conversion of 2.9 billion euros.
This move is expected to decrease Atos’ net indebtedness by around 3.1 billion euros, the company added.
Sunday’s agreement marks a significant step forward in Atos’ restructuring efforts, aiming to finalize a comprehensive restructuring agreement by July, according to the company’s statement.
Last Wednesday, Atos had disclosed that discussions with a consortium led by investor David Layani’s Onepoint regarding its restructuring had been terminated.
