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Debt-ridden French technology giant Atos, a key partner of the Olympics, on Thursday reported a 1.9 billion euro ($2.1 billion) loss in the first half of the year due to asset devaluations and the termination of contracts in the Americas.
Atos, which also operates supercomputers for France’s nuclear deterrent and is the IT provider for the 2024 European Football Championship, is nearly €5 billion in debt.
Last week, a commercial court opened proceedings as the first step towards implementing a financial restructuring plan that includes 1.75 billion euros in new financing and 3.1 billion euros in debt relief.
In early July, Atos’ creditors and some banks stepped in to provide it with new funding after a consortium led by Atos’s main shareholder Onepoint abandoned its financial rescue proposal.
“Atos is saved,” said Atos Chief Executive Jean-Pierre Mustier, who has been chairman of the company’s board since October 2023 and was named CEO last week.
He added: “Of course, our priority is to work with all teams to support the group’s growth and regain the trust of our customers, while working to establish a new governance structure.”
The first-half loss was mainly due to asset write-downs totaling 1.5 billion euros.
The company also said it had terminated contracts worth 109 million euros in the Americas.
In the first half of this year, the company’s global sales fell 10% to 4.96 billion euros compared with the same period in 2023.
Atos has been a partner of the International Olympic Committee since 2002, providing cybersecurity, managing certification and publishing real-time results for the Paris Summer Olympics.
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