France’s Atos cuts financial targets, says restructuring still on track

French IT firm Atos on Monday said it would have less cash at hand over the next few years as sales are being dragged down by a weaker business environment, but added this would not impact the key terms of its financial restructuring plan.

Atos – once seen as one of Europe’s champions in the software and technology sector – has been teetering on the brink of financial collapse in recent months, although it secured a crucial restructuring deal with banks and bondholders in June.