The two investors fighting for control of the indebted French IT company Atos have submitted their revised bids. Atos will now work with its creditors to make a decision between the proposals by Wednesday, as the company announced on Monday.

The Czech billionaire Daniel Kretinsky and his EP Equity Investment have teamed up with the credit fund Attestor Limited, while the French businessman David Layani has formed an alliance with Butler Industries, Econocom, and a group of Atos creditors. Both proposals meet Atos' financial parameters, including debt reduction as well as short-term and mid-term financing needs.

The details of the bids will be released during the course of Monday. Atos aims to reach an agreement on financial restructuring by July. However, both offers would result in significant dilution of Atos's existing shareholders, the company said in a statement.

The shares of Atos have lost more than 90% of their value in the last 12 months, as strategic missteps, leadership changes, and the failure to reduce debt have panicked investors. At 08:44 GMT, the shares fell by 16% to 1.40 euros.

The company is also in talks about the potential sale of parts of its big data and security division to the French state at an indicative enterprise value between 700 million and 1 billion euros. The negotiations are going well, according to Atos. Additionally, Atos has received several offers for its smart energy business Worldgrid, which are currently being reviewed.

Atos seeks 350 million euros in interim financing in addition to the 450 million euros agreed upon in April to ensure operations until the completion of restructuring.

The final decision on which investor group will be awarded the contract could be crucial for the future of Atos, which plays a strategically important role in France, with contracts in the military and nuclear industries as well as serving as a cybersecurity provider for the Paris Olympics in the summer.