Atos board members resign amid restructuring plans withdrawal

Mr. David Layani and Ms. Helen Lee-Bouygues have resigned from Atos board of directors with immediate effect

The ongoing saga of French tech giant Atos' restructuring continues as the company announces the resignation of two board members, Mr. David Layani and Ms. Helen Lee-Bouygues, with immediate effect.

Their departure is linked to Onepoint's intention to withdraw from Atos' share capital.

This withdrawal is part of a larger development where the consortium consisting of Onepoint, Butler Industries, and Econocom has pulled out of restructuring discussions with Atos.

This is a significant setback, as Atos had accepted the consortium's proposal on June 12, which included a plan to convert €2.9bn of existing debt into equity.

In light of these developments, Atos announced that it has received a revised global financial restructuring proposal from its bondholders' representative committee (SteerCo).

The company is now actively engaged in negotiations with the SteerCo and certain banks to reach an agreement as soon as possible.

Adding another layer of complexity to the situation, Atos has finalised an agreement with the French State to protect sovereign interests in certain activities carried out by the Atos group.

This agreement grants the French State governance rights and potential purchase options for sensitive activities.

Specifically, the state has proposed to buy 100 percent of Atos' Advanced Computing, Mission-Critical Systems, and Cybersecurity Products activities for €700m.

These developments collectively highlight the complex challenges Atos is facing in its attempts to restructure and secure its financial future, with various stakeholders, including private investors, bondholders, and the French government, all playing significant roles in shaping the company's path forward.