The heavy-hinged Dax-listed company Wirecard faces a decisive week. After the balance sheet scandal has led to a massive loss of confidence in the capital markets and the resignation of CEO Markus Braun, must negotiate with the new interim Manager James Freis with the creditor banks. "For Wirecard it comes to the existence", - stated in the context of the payment processors in the Munich suburb of Aschheim. After Wirecard has been unable to produce audited balance sheet for the year 2019, have the 16 lending banks the right to ask for credit lines of 1.85 billion euros. Then the company would be in big Liquiditätsnot. It's a balance sheet is missing as is well known, and testing of solid evidence of fiduciary assets over EUR 1.9 billion, which were said to lie in two Philippine banks – after all, a quarter of the total balance sheet sum. It is the sign of a serious fraud case also.
Henning Peitsmeier
economic correspondent in Munich.
F. A. Z.Hanno Mußler
editor in the economy.
F. A. Z.The American Freis, first on Friday at the brown-successor appointed, has brought to the difficult Bank negotiations celebrities gain: The investment Bank Houlihan Lokey in Los Angeles must now design a restructuring and financing plan. Time is of the essence, for banks and customers to wonder if Wirecard has sufficient liquidity. Houlihan Lokey specializes in heavy restructuring cases and insolvencies, and has once advised on the Record bankruptcy of Lehman Brothers and Enron, the creditors ' committees. In this country, the Americans have made a name for itself in the case of the insolvency of the furniture group Steinhoff and the shipping company Rickmers. Since a few weeks, the former Bundesbank Executive Board member Andreas Dombret for Houlihan Lokey as a consultant.
so Far, all the creditor banks on hold. You negotiate with Wirecard on new terms and conditions ("waver"), the company must meet within certain time limits, so that the line of credit remains open. The banks, according to unconfirmed information, the F. A. Z. of the law firm Allen Overy to advise. It is also a more extensive insight into rights in the business to pay, Wirecard, as you lenders so far have been granted – but also to new terms and conditions, maturities, and terms and conditions for further lending.
Get Wirecard in future loans?
a leading Bank page four the leader of the consortium to negotiate: The Dutch banks ABN Amro and ING, as well as the German banks Commerzbank and LBBW provide € 200 million Euro credit line that has been taken, according to reports of Wirecard to 90 percent in the claim. A further four banks, the two British institutions, Barclays and Lloyd's, Crédit Agricole of France and the DZ Bank says Wirecard 120 million euros.
the Three institutes of the Austrian Raiffeisen banking group come together to 175 million euros. A further group is formed by two Chinese banks, one Japanese Bank and Deutsche Bank, each with 80 million euros. None of the banks involved wanted to make a comment. On Friday, had been in their circles of nervous mood, but constructive talks the talk. It seems to have over the weekend, not much changed.
Shocking for the banks, that the credit rating Agency Moody's Wirecards credit note equal to six notches to "B3" and so on more investment worthy level ("junk") has reduced. Moody’s considers even a further downgrade. Also bankers from the consortium questions whether it makes sense, Wirecard, to give more credit. Finally, only the 1.9 billion euros that are supposedly on trust accounts in Asia are nowhere to be found. Rather, Wirecard has generated this money in sales and accounted for. "There were these transactions and, if so, will it give you in the future?", it was on Sunday doubtful in banking circles.
Marsalek must face up to uncomfortable questions
The new Wirecard-chief Freis and hired investment Bank Houlihan Lokey to provide a lot of Persuasion. The search for the missing 1.9 billion euros to the Philippines is difficult. The money has not reached in the financial system, said the head of the Philippine Central Bank, Benjamin Diokno, on Sunday. In the case of the BDO Unibank and Bank of the Philippine Islands (BPI), were called to report in connection with the accounting scandal in the media, was flown down no capital. The names of the two greatest financial houses in the island state had been used to "track down the perpetrators to blur". The Central Bank will conduct an Investigation, promised to Diokno.
Date Of Update: 21 June 2020, 14:20
