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ATM maker Diebold Nixdorf files for bankruptcy to cut US$2.1-billion in debt

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Diebold Nixdorf entered bankruptcy with over $2.7-billion in debt, and its lenders have agreed to provide $517-million in new loans to fund the company’s bankruptcy

ATM maker Diebold Nixdorf filed for bankruptcy in Texas on Thursday, saying it had reached an agreement to reduce the company’s overall debt by $2.1-billion.

The new money is part of a broader debt reduction agreement that should enable the company to emerge from bankruptcy in the third quarter of 2023, the company said in a statement. Diebold has struggled with debt since it acquired Germany-based Wincor Nixdorf AG for $1.8-billion in 2016. After taking on significant debt in that deal, the newly-combined company faced flat or declining sales in its core business of selling ATMs to banks and checkout machines to retail customers.

 

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