Paytech titan Diebold Nixdorf is set to file for Chapter 11 bankruptcy protection as part of a debt restructuring agreement. The move is aimed at reducing debt, enhancing liquidity, and positioning the company for long-term success.
Facts
- Diebold Nixdorf will file for Chapter 11 bankruptcy protection as part of a debt restructuring agreement.
- CEO Octavio Marquez believes this move will position the firm for long-term success.
- The restructuring support agreement is expected to significantly reduce debt and provide substantial additional liquidity.
- Diebold Nixdorf’s strengthened financial position will enable better service to customers, employees, suppliers, and partners.
- The company plans to continue paying vendors and suppliers throughout the restructuring process.
- Shares of Diebold Nixdorf will be cancelled, delisted, and replaced with new shares given to creditors to pay off debts.
- The firm will seek a $1.25 billion debtor-in-possession term loan credit facility as part of the Chapter 11 process.
