Press release | 8/14/23
SZA Schilling, Zutt & Anschütz advised Diebold Nixdorf on its delisting from Frankfurt Stock Exchange
A team led by Dr. Martin Gross-Langenhoff advised U.S. based Diebold Nixdorf on the termination of its second listing in the regulated market segment of the Frankfurt Stock Exchange as a result of a series of complex international debt restructuring transactions.
Diebold Nixdorf is an U.S. based multinational financial and retail technology company. Founded in 1859, Diebold Nixdorf has today a presence in more than 100 countries with approximately 21,000 employees worldwide. Diebold Nixdorf had obtained a second listing in Germany in 2016 to facilitate the takeover of former Wincor Nixdorf. Following the takeover, common shares of Diebold Nixdorf were listed on the regulated market segment (Regulierter Markt) of the Frankfurt Stock Exchange with additional post-admissions obligations (Prime Standard) as well as on the New York Stock Exchange making Diebold Nixdorf one of the few U.S. domiciled issuers with dual listed shares in Germany and the United States of America.
In May 2023, Diebold Nixdorf announced that it had agreed with certain of its subsidiaries and certain creditors on a series of comprehensive debt restructuring transactions, including, among others, proceedings pursuant to chapter 11 of the U.S. Bankruptcy Code as well as proceedings under a scheme of arrangement governed by Dutch law. Following approval by the competent courts, the debt restructuring transactions have been effected as of August 11, 2023. As a consequence of the debt restructuring transactions, the outstanding common shares of Diebold Nixdorf were cancelled resulting in the termination of the listing on the Frankfurt Stock Exchange.
Jones Day advised Diebold Nixdorf as international counsel on the restructuring transactions.
SZA Schilling, Zutt & Anschütz:
Dr. Martin Gross-Langenhoff, Joachim Nerz, Dr. Matthias Huhn (all capital markets law, Frankfurt), Till Kotterer-Rädecke (capital markets law, Mannheim)
SZA Schilling, Zutt & Anschütz Rechtsanwaltsgesellschaft mbH
SZA Schilling, Zutt & Anschütz has been one of the most respected German business law firms for over one century. With its lawyers and offices in Frankfurt, Mannheim, Munich, and Brussels, the firm advises national and international clients on all complex legal issues arising in business.