ATM manufacturer Diebold Nixdorf survives bankruptcy

The financial restructuring has been completed and the new shares are expected to be traded on the New York Stock Exchange on August 14, the company announced on Wednesday. However, the shares belong to the creditors, who in return had waived a large part of their loans. The previous shareholders lose everything. The new Diebold Nixdorf share is no longer traded in Frankfurt. On Wednesday it cost five cents there. The US group Diebold took over its German rival Wincor Nixdorf seven years ago with its $1.8 billion (1.64 billion euro) takeover. Growth expectations were not met because cash is being used less and less around the world. Diebold could no longer service the debt burden of more than 2.7 billion dollars. At the beginning of June, the company still had $140 million outstanding, and more than $600 million would have been due in the weeks that followed. Eventually, Diebold Nixdorf fled under the protection of US bankruptcy law to reduce the mountain of debt.

The creditors had previously agreed to provide a good half a billion dollars in fresh money. At the time of the restart, Diebold Nixdorf still owes a gross amount of 1.25 billion dollars, which will not be due for five years. Net debt is around $700 million.