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French IT firm Atos secures funding of $1.82 billion to restructure its debt

Economic Times

Economic Times · 12m ago

French IT firm Atos secures funding of $1.82 billion to restructure its debt

French IT company Atos has secured 1.675 billion euros ($1.82 billion) in funding to restructure its debt. The funding was obtained through a lock-up agreement with a group of banks and bondholders, accounting for over 50% of its creditors. Atos has also secured interim financing of 800 million euros, providing the liquidity needed to run its business until the financial restructuring plan is completed. The company assured that it would remain independent and its board of directors would still be majority-independent. The restructuring is expected to conclude by the end of 2024 or early 2025.

Related News

Vedanta Resources' bond restructuring proposal sails through

Livemint

Livemint · 1y ago

Vedanta Resources' bond restructuring proposal sails through

Investors have overwhelmingly voted in favor of Vedanta Resources' proposal to restructure its $3.8 billion outstanding notes. The company secured over 95% votes in favor, surpassing the required threshold of 66.67%. This restructuring will help Vedanta break its debt repayment cycle and extend its repayment schedule until 2026. The company plans to make an upfront payment and extend the maturity of three of its bond series, while also selling some of its businesses to reduce its immediate debt load.

Atos open for French state to take minority stake in strategic business unit BDS

Reuters · 1y ago

Atos open for French state to take minority stake in strategic business unit BDS

Struggling IT firm Atos is considering multiple options to financially rescue the company while ensuring France's national security interests, according to Chairman Jean-Pierre Mustier. He stated that the government may choose to acquire a minority stake and mentioned defense groups Thales and Airbus as examples. Mustier assured that the government's control of strategic assets, such as super-calculators and cybersecurity services, used by the military and nuclear plants, would be safeguarded. Atos is currently undergoing financial restructuring.

Zepto secures NCLT approval for reverse merger

Entrackr

Entrackr · 6m ago

Zepto secures NCLT approval for reverse merger

Zepto secures NCLT approval for reverse merger Quick-commerce firm Zepto has secured approval from the National Company Law Tribunal (NCLT) for its reverse merger, enabling the transfer of its domicile from Singapore to India. The Mumbai-based firm had sought the amalgamation of Kiranakart Pte. Ltd with Kiranakart Technologies Private Limited. “The Board of Directors of the Petitioner Company believes that the Scheme is in the best interests of the entity and its respective stakeholders, including shareholders, employees, and creditors,” stated an NCLT order dated January 9, 2025. This pivotal move marks a major step toward Zepto's anticipated initial public offering (IPO) in India, expected later this year. According to media reports, Zepto aims to raise approximately $400-500 million through its IPO and has selected Goldman Sachs, Morgan Stanley, and Axis Capital as its bankers. Zepto recently raised $350 million in a funding round led by Motilal Oswal Private Wealth, valuing the company at $5 billion. In 2024, it secured $1.35 billion, bringing its total funding to $1.85 billion since its launch. For the fiscal year ending in March 2024, Zepto’s revenue from operations surged 2.2X to Rs 4,454 crore from Rs 2,026 crore in FY23. During the period, its losses decreased slightly by 2% to Rs 1,248.6 crore.

KKR, Taeyoung to sell S.Korea JV in more than $2 bln deal

Reuters · 1y ago

KKR, Taeyoung to sell S.Korea JV in more than $2 bln deal

KKR and South Korea's Taeyoung Group are preparing to sell their joint venture, Ecorbit, in a deal that could value the company at over $2 billion. The firms have reportedly hired Citigroup and UBS to manage the sale process. Ecorbit, established in 2021, specializes in water treatment, waste management, and material recycling. The sale comes amidst debt troubles for Taeyoung Group's affiliate, Taeyoung Engineering & Construction, which recently announced plans to restructure its debt. KKR and Taeyoung Group are seeking a complete exit from Ecorbit through the sale.

ShareChat faces a valuation cut; PAG inks debt deal

VCCircle

VCCircle · 1y ago

ShareChat faces a valuation cut; PAG inks debt deal

Social media platform ShareChat is reportedly in talks to raise $50 million in funding, but may face a valuation cut below $1.5 billion. This is a significant drop from its previous valuation of $4.9 billion. Existing investors Temasek and other backers are believed to be participating in the funding round. Meanwhile, investment firm PAG has signed a debt deal with ShareChat.

Exclusive: Oxyzo secures Rs 100 Cr debt

Entrackr

Entrackr · 4m ago

Exclusive: Oxyzo secures Rs 100 Cr debt

Exclusive: Oxyzo secures Rs 100 Cr debt Fintech unicorn Oxyzo has secured Rs 100 crore (approximately $12 million) in debt from AK Capital Finance, a subsidiary of merchant banker A.K. Capital Services Ltd. The boards at Oxyzo allotted 1,00,000 non-convertible debentures to AK Capital at an issue price of Rs 10,000 each to raise Rs 100 crore, its regulatory filing sourced from the Registrar of Companies shows. The aforementioned debentures are issued for a tenure of 24 months and carry an interest rate of 9.75% per annum, the filing added. The proceeds will be used to augment the long-term resources of the company and meet working capital requirements. Oxyzo is the lending arm of B2B e-commerce unicorn OfBusiness, providing customized credit solutions for SMEs. It offers a range of loan products, including term loans, working capital solutions, low-interest rates, and collateral-free credit options. According to data intelligence platform TheKredible, the Gurugram-based company reported operating revenue of over Rs 900 crore and a profit of Rs 290 crore for the financial year ending 2024. Oxyzo’s net profit grew 11.38% to Rs 82.89 crore and sales jumped 27.43% to Rs 282.80 crore in the quarter ended December 2024 (Q3 FY25), compared to Rs 221.93 crore in December 2023. The Ruchi Kalra-led firm achieved unicorn status by raising $200 million in its first external funding round, and it became the first startup to surpass a $1 billion valuation during its Series A round. As per TheKredible, OFB group including promoters holds 74.5% while Alpha Wave is the largest external stakeholder with 7.4% followed by Tiger Global.

Technodysis secures Rs 10 Cr in debt from Recur Club

Entrackr

Entrackr · 4m ago

Technodysis secures Rs 10 Cr in debt from Recur Club

Technodysis secures Rs 10 Cr in debt from Recur Club Bengaluru-based IT startup Technodysis has secured Rs 10 crore in debt funding from Recur Club, a debt marketplace for startups and SMEs. This funding is intricately structured, blending both secured and unsecured debt, spanning the fiscal years 2023 and 2024. The proceeds will be utilized to enhance its ability to scale operations, develop product offerings, and strengthen its presence in key international markets, Technodysis said in a press release. Founded in 2020 by Nithyananda Nayak, Technodysis specializes in a range of IT services, including software development, cloud computing, cybersecurity, data analytics, and AI applications. With a growing footprint, it has expanded to establish offices in the United States, the United Kingdom, and Dubai, in addition to its headquarters in India. Technodysis states that it leverages cutting-edge technology to drive digital transformation and optimize business operations. It continues to focus on delivering tailored solutions that enhance operational efficiency and foster innovation across a diverse client base. "It’s inspiring to witness Technodysis’s rapid growth. We aim to empower high-potential startups like Technodysis with the financing they need to succeed. This partnership exemplifies our commitment to fostering innovation and supporting the scaling of technology solutions," said Eklavya Gupta, co-founder & CEO of Recur Club. Technodysis has escalated its revenue from Rs 6 lakh in FY 2021 to Rs 20.25 crore in FY 2024. Looking ahead, the company projects revenue of Rs 35 crore for FY 2025, with a target of achieving Rs 200 crore over the next three years.

KKR Plans Re Sustainability Split, to Monetise Some Ops; Tata Sons charts out big digital invest

VCCircle

VCCircle · 1y ago

KKR Plans Re Sustainability Split, to Monetise Some Ops; Tata Sons charts out big digital invest

Private equity firm KKR intends to restructure and monetize its industrial waste management business, Re Sustainability Ltd, at a minimum valuation of $1 billion. KKR currently holds a 60% stake in the company and plans to acquire the remaining 40% stake from founder Ayodhya Rami Reddy. In other news, Tata Sons has outlined significant investments in digital ventures.

Dunzo holds talks with debt investors to restructure credit terms

Startup News FYI

Startup News FYI · 1y ago

Dunzo holds talks with debt investors to restructure credit terms

Dunzo, a quick commerce unicorn, is reportedly in discussions with debt investors to restructure its credit terms due to cash flow challenges, leading to delayed payments to vendors and staff salary arrears. The talks aim to finalize new terms encompassing payment timelines and agreements. Despite seeking funding and integrating its B2B logistics arm with ONDC, Dunzo's direct-to-consumer operations have declined, prompting a shift in its business model and potential layoffs.

What is Mistral AI? Everything to know about the OpenAI competitor | TechCrunch

TechCrunch · 1m ago

What is Mistral AI? Everything to know about the OpenAI competitor | TechCrunch

Mistral AI, a French AI startup, aims to challenge OpenAI with its assistant Le Chat and a series of foundational models. Valued at $6 billion, it has gained popularity, especially following Le Chat’s successful launch on mobile platforms. The company focuses on openness and has forged strategic partnerships, including deals with Microsoft and the French army. Despite significant funding, Mistral AI's revenue remains in the eight-digit range, with plans for an eventual IPO.

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