(Bloomberg) -- Atos SE said it is seeking more cash to finance its business and might need to further reduce its debt, as the embattled French IT company delayed a deadline it set for proposals from its creditors and banks to finance a rescue plan. 

The deadline, originally on Friday, will be moved back to May 3 after first quarter performance was hurt by customers postponing signing contracts, the company said in a statement on Thursday. Atos plans to submit its new needs “in the coming days,” according to the statement. 

Revenue fell to €2.48 billion ($2.66 billion) in the first quarter, down 2.6% from a year earlier, the company said. 

Atos shares fell as much as 10% and were down 8.6% to €1.82 at 9:16 a.m. in Paris. 

Atos has solicited restructuring proposals, and previously said it needed to raise about €1.2 billion of new money to fund the business through 2025 and cut debt by roughly half to €2.4 billion. The company also wants to extend remaining debt maturities by five years.

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So far, Atos has not gotten any formal proposals from investors, although it received marks of interest, Chief Executive Officer Paul Saleh said in a call with reporters.

Two groups holding about 30% of bonds across different maturities have united to offer Atos a joint restructuring proposal, Bloomberg News reported last week. Under their plan, they would convert half of their debt into equity and inject €600 million of the €1.2 billion sought in the form of new bonds. 

Atos was one of France’s premier tech companies before a series of setbacks, including accounting errors and profit warnings, left it on the verge of insolvency. When plans to offload assets to Airbus SE and Czech billionaire Daniel Kretinsky stumbled earlier this year, the French government was forced to step in with interim financing. A court-appointed mediator is now handling its conciliation process with creditors and banks.

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Saleh said last week in an interview with Bloomberg News that he’s confident they’ll reach a solution to save the company by July. The government, which received a preferred share allowing it to veto the sale of its most sensitive activities in return for the financing, is also part of the talks.

(Updates with share price in the fourth paragraph.)

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