PARIS, May 21 (Reuters) - Czech billionaire Daniel Kretinsky is looking at options to try to persuade creditors to side with him in the battle for Atos, a source close to the matter said, as the distressed IT firm seeks a debt restructuring plan by May 31.

One option being considered would be to allow creditors to own shares in Atos' legacy IT infrastructure management services business, the source said. The move would give creditors economic exposure to the emerging entity.

Kretinsky's EP Equity Investment (EPEI) vehicle, in partnership with British fund Attestor, is so far offering to erase more than 90% of Atos' 4.8 billion-euro ($5.2 billion)financial debt and sell large parts of the company, with the proceeds partially distributed to creditors.

Kretinsky-Attestor would inject 600 million euros in cash as part of the plan in exchange for near full-ownership of Atos, according to a document detailing the initial offer and published on Atos' website two weeks ago.

The consortium is facing off against French IT consulting firm Onepoint, led by Atos' top shareholder David Layani, which along with other partners such as Butler Industries is offering creditors a smaller debt reduction and cash injection, access to Atos' equity, and the preservation of Atos' assets beyond the ones already targeted by the French government.

Spokespeople for Kretinsky, Atos and Onepoint declined to comment.

Some of Atos' bondholders and bank lenders have signaled in a third offer that they would favour the arrival of a so-called "anchor investor" in Atos, provided the investor refrained from selling assets, a position that aligns with Layani's.

The Kretinsky-Attestor camp have for their part voiced deep concerns that Atos' commercial situation is worse than anticipated and that a deep debt reduction was required to safeguard the company.

Once a flagship technology company in France's blue-chip CAC-40 share index, Atos grew quickly through acquisitions but later made strategic missteps against a backdrop of unstable governance, sending its shares down by more than 90% over the last three years.

A mediator has been brought in to help find new money and restructure the group's debt.

($1 = 0.9215 euros) (Reporting by Mathieu Rosemain; Editing by Anousha Sakoui and Mark Potter)