French Tech Group Atos Says Chose Onepoint Financial Rescue Offer

Paris, (APP - UrduPoint / Pakistan Point News - 11th Jun, 2024) Struggling French tech group Atos, an Olympics partner and key French defence contractor, said on Tuesday it had chosen a financial rescue offer by a consortium led by Onepoint, its main shareholder.

Atos -- which runs supercomputers for France's nuclear deterrent, holds contracts with the French army and is the IT partner for the Paris Olympics -- is sagging under almost five billion Euros ($5.4 billion) of debt.

"Atos' board of Directors has decided to proceed with the financial restructuring proposal submitted by the Onepoint consortium consisting of Onepoint, Butler Industries and Econocom, and a group of some of the company's financial creditors," a company statement said.

The Paris Olympics begin on July 26. Atos has insisted that its financial woes will not disrupt its operations during the Games, for which it will provide real-time results and manage more than 300,000 accreditations.