Private Equity Fund Recapitalizes Troubled ATM ISO

PORTLAND, Ore. – TRM Corp., the financially ailing copier company that became the nation’s second largest independent operator of ATMs, said announced yesterday it has agreed to sell its U.S. copier business to private equity fund Skyview Capital LLC for $9.2 million. TRM had been one of the nation’s largest operators of copier machine rentals until it acquired contracts to own or operate more than 15,000 ATM two years ago, including 6,000 that are operated by and branded for the credit union-owned CO-OP Network. The ATM business, however, has pushed TRM to the brink of insolvency, resulting in a massive $101 million third quarter loss because of major impairment of assets. IN the meantime, the company’s stock price has plunged to under $1.40 a share, risking delisting by the Nasdaq. The deal is expected to close next month. Proceeds from the sale of the copier business will be used to pay down debt.