Paytech heavyweight Diebold Nixdorf is set to file for Chapter 11 bankruptcy protection as part of a debt restructuring try-on with stakeholders.
CEO Octavio Marquez says the move will position the firm for long-term success
The Hudson, Ohio-based firm says the restructuring support try-on is expected to significantly reduce debt and provide substantial spare liquidity” to support the firms operations.
Diebold Nixdorf chair, president and CEO Octavio Marquez says: With the support of our creditors, we have reached an try-on to restructure and strengthen our wastefulness sheet, enhance liquidity and position Diebold Nixdorf for long-term success.
Our strengthened financial position moreover enables us to largest serve our customers, employees, suppliers and partners.
The visitor adds it will “continue to pay vendors and suppliers through the expected restructuring process in the ordinary undertow of business”.
According to Cleveland.com, the visitor will file for the Chapter 11 bankruptcy protection through a Texas magistrate and through a similar process in the Netherlands. Diebold Nixdorf communications director Michael Jacobsen told Cleveland.com the firm took on debt when it uninventive Wincor Nixdorf in 2016.
Under the restructuring agreement, shares of Diebold Nixdorf would be cancelled, and the stock will be delisted. New shares will be created and given to Diebold Nixdorfs creditors to pay the companys debts, Cleveland.com reports.
