Diebold Nixdorf enters Restructuring Support Agreement, plans prepackaged Chapter 11 filing

DIEBOLD NIXDORF, Inc

Company and certain subsidiaries signed RSA with creditors holding ~80% of Superpriority, ~79% of New Term Loan, ~78% of 2025 Senior Notes, ~58% of 2L Notes.
Prepackaged Chapter 11 and Dutch WHOA scheme will result in existing equity interests extinguished, no distribution to stockholders.
First Lien creditors will receive 98% of new common equity; Second Lien creditors get 2% (subject to dilution for DIP backstop premiums and management plan).
Company seeks $1.25B DIP facility to repay Superpriority Term Loan, ABL facility, fund working capital and restructuring costs.
Milestones: Chapter 11 petitions filed by June 1, 2023; confirmation order by day 45; effective date by day 80.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

DIEBOLD NIXDORF, Inc entered into Restructuring Support Agreement with certain holders (Consenting Creditors) (effective 2023-05-30).

Action: entry
Counterparty: certain holders (Consenting Creditors)
Effective: 2023-05-30

Exact text from the filing

on May 30, 2023, the Company and certain of its direct and indirect subsidiaries (collectively, the “Company Parties”) entered into a Restructuring Support Agreement (the “Restructuring Support Agreement”) with certain holders (collectively, the “Consenting Creditors”)

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DIEBOLD NIXDORF, Inc filing history →

Source: SEC EDGAR

accession 0001193125-23-155986

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