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Butler Industries joins Onepoint in Atos rescue consortium
Global Banking & Finance Review®
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PARIS (Reuters) – Paris-based Butler Industries is joining a consortium to rescue distressed IT consulting firm Atos, the company’s leading shareholder Onepoint said on Sunday in a statement.
PARIS (Reuters) – Paris-based Butler Industries is joining a consortium to rescue distressed IT consulting firm Atos, the company’s leading shareholder Onepoint said on Sunday in a statement.
Onepoint, which holds 11.4% of Atos, said last month it was ready to invest and organise the group’s capital restructuring to protect the integrity of its assets after planemaker Airbus pulled the plug on a deal to buy the ailing company’s cybersecurity assets.
The consortium’s ambition is “to make Atos the European platform for digital, cybersecurity and artificial intelligence, and the leading European cloud operator,” the Sunday statement read.
David Layani, chief executive of Onepoint, said he was pleased to have the support of investor Walter Butler, the founder of Butler Industries.
“He’s strengthening our OneAtos project,” Layani said.
Saddled with almost $5 billion in debt, Atos will hold a call with its creditors on April 8 as part of its debt restructuring talks.
Atos’ cybersecurity unit is home to some of France’s strategic assets, including cybersecurity for the upcoming Paris Olympic Games, and authorities have said they are looking at legal ways to keep it under French control.
(Writing by Juliette Jabkhiro; Editing by Andrew Cawthorne)
Debt restructuring is a financial process where a company reorganizes its outstanding debt obligations to improve or restore liquidity and financial stability.
A consortium is an association of two or more individuals or organizations that collaborate to achieve a common goal, often in business or finance.
Cybersecurity refers to the practice of protecting systems, networks, and programs from digital attacks, which aim to access, change, or destroy sensitive information.
An investment is an asset or item acquired with the goal of generating income or appreciation. It can include stocks, bonds, real estate, and more.
A shareholder is an individual or institution that owns shares in a company, giving them a claim on part of the company’s assets and earnings.
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