Ailing ATM Giant Raises NewCapital
PORTLAND, Ore. - (06/30/06) -- ATM Giant TRM Corp. said Thursday itraised $5.2 million in new funds with the previously announced saleof its TRM Copy Centres Ltd., the company's wholly ownedphotocopier subsidiary in the United Kingdom. The unit, which wasacquired by Digital 4 Convenience PLC, is comprised of about 2,500photocopier units. TRM, which operates 18,000 ATMs in theU.S.--including 6,500 that are part of the CO-OP Financial Servicesnetwork--has been struggling since it acquired 14,200 cash machinesfrom eFunds last year. The company reported a $13.7 million lossfor the fourth quarter of 2005 and a $1.5 million loss for thefirst quarter of 2006. The company reported earlier this month thatit refinanced $105 million of its debt, which will allow it to savean estimated $6 million a year in debt service.