Diebold Nixdorf, Incorporated (DBD) has entered into a restructuring support agreement with certain of its key financial stakeholders to effectuate a debt restructuring transaction. The company expects the restructuring to significantly reduce debt and leverage levels and provide substantial additional liquidity.
The restructuring support agreement contemplates the effectuation of a deleveraging transaction through, among other things: a pre-packaged chapter 11 plan of reorganization to be filed by the company and certain of its subsidiaries; a scheme of arrangement to be filed by Diebold Nixdorf Dutch Holding B.V. and certain of the subsidiaries contemporaneously with the commencement by Dutch Issuer of voluntary scheme proceedings; and recognition of such scheme of arrangement pursuant to a case commenced under chapter 15 of the U.S. Bankruptcy Code by Diebold Nixdorf Dutch Holding. The restructuring support agreement provides that the debtors will seek approval of a $1.25 billion debtor-in-possession term loan credit facility as part of the chapter 11 cases.
The company's outstanding common shares would be cancelled pursuant to the restructuring transactions. The company expects the restructuring transactions to be consummated in the third quarter of 2023.
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