Diebold Nixdorf Inc. plans to file for Chapter 11 bankruptcy protection after reaching an agreement with key financial stakeholders to restructure its debt, the Hudson company said in a news release Tuesday.

The company, a leading provider of automated teller machines and financial security software and hardware, is seeking to complete the restructuring "efficiently and quickly" to "support seamless ongoing operations and establish a long-term, sustainable capital structure."

Octavio Marquez, Diebold Nixdorf chairman, president and chief executive officer, said: "Our company is focused on continuing our solid operational performance and delivering best-in-class products and services to banks and retailers around the world. With the support of our creditors, we have reached an agreement to restructure and strengthen our balance sheet, enhance liquidity and position Diebold Nixdorf for long-term success."

The company said it expects the restructuring transactions to be consummated in the third quarter of 2023.

During a May 3 first-quarter earnings call, Marquez said talks were in progress toward resolving debt concerns.

"We continue to move forward with constructive conversations with our banking and lending partners to develop a long-term solution to our capital structure," he said.

During that same call, Jim Barna, executive vice president and chief financial officer for Diebold Nixdorf, acknowledged "there is substantial concern around the company's capital structure and liquidity."

Barna noted that the company's history of operating "with a cash usage through the first three quarters of the year and then generating cash in the fourth quarter has created a near-term funding issue that we are working with our lenders."

Trading of Diebold Nixdorf stock was halted Tuesday ahead of the announcement. Stocks closed Friday, the last trading session before the Memorial Day market holiday, at $0.25 per share.

Diebold Nixdorf relocated its headquarters across Summit County from Green to Hudson in 2021.

This article originally appeared on Akron Beacon Journal: Diebold Nixdorf plans to file for bankruptcy to restructure its debt