DIEBOLD NIXDORF, Inc (DBD): going-concern / distress — Diebold Nixdorf files pre-packaged Chapter 11; enters restructuring support agreement with creditors

DIEBOLD NIXDORF, Inc

On June 1, 2023, Diebold Nixdorf and certain subsidiaries filed pre-packaged Chapter 11 cases in U.S. Bankruptcy Court and Dutch scheme proceedings.
Entered Restructuring Support Agreement with holders of superpriority credit, first lien term loan, 2025 senior notes, and 2L notes.
Consenting creditors agreed to forbear from remedies; German-domiciled guarantors subject to conditional release.
Terminated exchange offer for 2024 senior notes; no consideration paid to tendered notes.
Trade claimants who continue on existing terms expected to be paid in full in ordinary course.

item 1.01 item 1.03 item 2.04 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

DIEBOLD NIXDORF, Inc faced acceleration on credit facility with JPMorgan Chase Bank, N.A..

Instrument: credit facility
Counterparty: JPMorgan Chase Bank, N.A.
Event: acceleration

Exact text from the filing

The filing of the Chapter 11 Cases and Dutch Scheme Proceedings described above in Item 1.03 constitutes an event of default that accelerated

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

DIEBOLD NIXDORF, Inc reported a default on credit facility with the lenders party thereto.

Instrument: credit facility
Counterparty: the lenders party thereto
Event: default

Exact text from the filing

The Debt Instruments provide that, as a result of the Chapter 11 Cases and Dutch Scheme Proceedings, the principal and interest due thereunder shall be immediately due and payable.

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Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

DIEBOLD NIXDORF, Inc entered chapter 11 in U.S. Bankruptcy Court (petition 2023-06-01).

Proceeding: chapter 11
Court: U.S. Bankruptcy Court
Petition: 2023-06-01

Exact text from the filing

On June 1, 2023, the Debtors commenced the Chapter 11 Cases in the U.S. Bankruptcy Court and filed the prepackaged Chapter 11 Plan with the U.S. Bankruptcy Court.

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

DIEBOLD NIXDORF, Inc amended Superpriority Credit Agreement Amendment and Waiver with Consenting Superpriority Lenders (effective 2023-05-30).

Action: amendment
Agreement: credit facility
Counterparty: Consenting Superpriority Lenders
Effective: 2023-05-30

Exact text from the filing

On May 30, 2023, the German Borrower, the Company and certain of the Company Parties, as guarantors, certain lenders party thereto (the “Consenting Superpriority Lenders”), the Superpriority Administrative Agent and the Superpriority Collateral Agent entered into the First Amendment and Waiver (the “Superpriority Credit Agreement Amendment and Waiver”)

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

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

Action: entry
Counterparty: Consenting Creditors
Effective: 2023-05-30

Exact text from the filing

on May 30, 2023, Diebold Nixdorf, Incorporated (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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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

DIEBOLD NIXDORF, Inc amended First Lien Credit Agreement Forbearance and Amendment Agreement with Consenting First Lien Term Lenders (effective 2023-05-30).

Action: amendment
Agreement: credit facility
Counterparty: Consenting First Lien Term Lenders
Effective: 2023-05-30

Exact text from the filing

On May 30, 2023, the Company, certain of the Company Parties, as guarantors, certain lenders party thereto (the “Consenting First Lien Term Lenders”), the First Lien Administrative Agent and the First Lien Collateral Agent entered into the Forbearance and Amendment Agreement (the “First Lien Credit Agreement Forbearance and Amendment Agreement”)

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41 debt financings filed in the last 30 days. Browse all debt financings →

DIEBOLD NIXDORF, Inc filing history →

Source: SEC EDGAR

accession 0001193125-23-158463

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