The unrelenting retreat from static points of contact in the payments and financial services industries is pushing at least one traditional terminal maker to a breaking point.
Diebold Nixdorf, which sells ATMs, payment terminals and other technology, on Tuesday announced it will file for Chapter 11 bankruptcy. The Hudson, Ohio-based company is seeking $1.25 billion in financing to pay certain obligations in full. It hopes to reduce its debt and other financial leverage while building a capital structure to pay vendors and suppliers. Diebold Nixdorf will additionally undergo a broader restructuring.
“With the support of our creditors, we have reached an agreement to restructure and strengthen our balance sheet, enhance liquidity and position Diebold Nixdorf for long-term success,” said Octavio Marquez, Diebold Nixdorf’s chairman, president and CEO, in a release. In an email, Diebold Nixdorf’s public relations office said the restructuring of its balance sheet will enable “the operating funding and financial stability necessary to focus our resources on driving our solid operational performance.”
Source: AmericanBanker
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