Atos ATO -6.68%decrease; red down pointing triangle has pushed its decision on accepting rival rescue packages to early next week as the debt-laden French IT firm negotiates to improve some terms that it received Monday.
Atos said the move comes as the conciliator of the company’s financial restructuring process has also requested for more time to determine which of the two proposals the company’s financial creditors prefer.
“These discussions are part of the ongoing conciliation process and are in the best interest of the company,” Atos said.
The deadline has been pushed to early in the week beginning June 10.
Atos said that its aim of reaching a financial restructuring agreement by July was unchanged.
On Monday, Atos received two rival restructuring bids from a consortium led by Czech billionaire Daniel Kretinsky and another which includes David Layani’s Onepoint, a key Atos shareholder.
Both rescue proposals plan to inject much-needed funds into Atos and address the company’s persistently high debt.
The company has previously said that both plans would result in a massive dilution of the existing shareholders.