The cybersecurity and data provider for the Paris Olympics, Atos, has posted a huge annual loss
The French tech company disclosed this in a recent statement but vowed that its troubles would not disrupt the Games.
The company announced it was in talks with creditors to restructure its debt by July. During the summer games, the company will instantly feed Olympic and Paralympic game results to broadcasters and media.
Over 300,000 accreditations have been managed by Atos, the International Olympic Committee’s technological partner, since the 2002 Winter Olympics in Salt Lake City.
Atos announced on Tuesday that asset writedowns will result in a net loss of 3.4 billion euros ($3.7 billion) for 2023, following two delays in the company’s annual results announcement.
Atos is required to repay or refinance 3.65 billion euros in bonds and loans that mature by the end of 2025. Atos also has contracts with the French government.
“There are no concerns about the Olympic Games,” Atos chief executive Paul Saleh said in a telephone conference.
“We have just completed a test phase on the operational level, which everyone extraordinarily received,” Saleh said.
Union54, a fintech business based in Zambia, is releasing ChitChat, a new software with integrated digital wallet functionality.
