Auditors Question TRM’sViability

Register now

PORTLAND, Ore. - (04/10/06) – Financially ailing ATM giantTRM Corp. said Friday its auditor, PricewaterhouseCoopers LP, hasraised questions about the company’s ability to continue as agoing concern. The company, which reported an $8.8 million loss forthe fourth quarter of 2005, said PricewaterhouseCoopers noted itsconcerns over TRM’s loan defaults. TRM has entered into a90-day extension with its lenders, led by Bank of America, toremedy the defaults and obtain new financing. The disclosure camejust three days after TRM announced a new agreement with the CO-OPNetwork to co-brand 5,500 of its ATMs bringing to 6,500 ATMsbranded on the CO-OP Network. With almost 21,000 ATMs undermanagement, TRM has the second largest ATM fleet in the country,behind only Cardtronics and its 26,000 machines.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER