Atos secures funding for rescue plan, lives to fight another day

The future of French IT heavyweight Atos is on firmer ground after the company secured funding for its rescue plan by signing a Lock-Up Agreement with creditors, although the restructuring remains subject to certain conditions. Atos reached agreement earlier this month on a restructuring deal with a group comprising some of …

[neilg]

Shame..

They are absolutely the worst company to have to deal with.

Think only Crapita come close.

Nuff said.

[Like a badger]

Re: Shame..

They're only going to get worse when the creditors (now the owners) try and turn round the financial performance of the group. That'll mean exit from some loss making operations, redundancies, and price hikes all round.

[UnknownUnknown]

Re: Shame..

Altos = Le Crapita ?

[Missing Semicolon]

Basically they are pretty well insolvent.

The shareholders are wiped out. And the banks get to throw more billions after bad billions, expecting to turn this turd around?

Yet there was cash for adverts on the Euros finals.

I wonder if some arms were twisted at high Government levels.

[Like a badger]

Re: Basically they are pretty well insolvent.

I noticed those Atos ads, and thought "who are they kidding?" but of course it's not for the viewers, it's to justify sponsorship which in turn justifies having a box, both for Atos big wigs, and to "offer hospitality" to customer bigwigs. Why twist arms when a couple of free tickets and picking up the plush accommodation bill will work?

I see in the recent 24Q1 results that sales were down 2.6% organically, and a further 8.4% for "scope" (presumably disposals), operating margin was down 63%. Would seem the new owners have a job on their hands, and I'm guessing there won't be any change out of a billion euro for restructuring, so that'll be another straight year of losses and value destruction.

[Brave Coward]

'I wonder if some arms were twisted...'

Well, a toss is a toss.