Chinese ATM deployer sued for $369M after failing to meet investors' IPO deadline

Chinese ATM-maker ATMU has been hit by a lawsuit from Carlyle Group LP funds for failing to meet a promised four-year timeline for an initial public offering. Carlyle Group is seeking $368.9 million owed to it by ATMU, the company said in press release.

According to a report by Bloomberg, Carlyle's Asia arm invested in ATMU six years ago, stipulating that the company had four years to go public. When the deadline passed without an IPO, Carlyle decided to exercise its right to redeem its share of the company.

Bloomberg reported that ATMU has not responded to registered letters and notices from Carlyle.

In a statement to Bloomberg, an ATMU spokesperson said the company is trying to find ways for financial investors to exit. 

"[T]he company is helping financial investors to seek proper exit channels, including but not limited to capital market activities. ATMU is confident that it can redeem the shares of the financial investors." without saying why it hadn't paid them out."