Wirecard is insolvent. On Thursday, the stock exchange informed-listed payment processor in an ad-Hoc message that the Board have decided to submit to the competent local court of Munich, a request for the opening of insolvency proceedings due to imminent insolvency and Overindebtedness. It would be examined whether the insolvency applications for subsidiaries, the Wirecard group will need to be made, it said.
editor in the economy.F. A. Z.
economic correspondent in Munich.F. A. Z.
Within a week, the company has become after the first message about missing 1.9 billion euros in the balance sheet from the Dax group to a broke candidate. This has not happened before in the history of the German stock exchange yet.
in Between a rapid collapse of the stock and the arrest of a a week ago, retired Chairman of the Board, Markus Braun, who is since Tuesday on bail of 5 million euros is once again on the loose layers. Him incorrect information are accused of "" in the Wirecard balance sheets and market manipulation. A warrant against his long-time colleagues on the Board, Jan Marsalek, who could stay according to Reports, currently in Manila.
"one Of us has none of the plug-in
drawn" For several days, the new interim chief James Freis negotiated with 15 creditor banks on the extension of credit, about Euro 1.85 billion. After Wirecard, on 19. June could not provide audited balance sheet, the banks have the right to terminate the loans.
According to information from the F. A. Z. these negotiations took place under great time pressure. The total liquidity of the group is located in the Wirecard Bank, which is regulated by the financial Supervisory authority, Bafin. This liquidity was not reported to the Wirecard group is available, so that he, himself, his acute payment obligations, including the 30. June-overdue salaries has been unable to meet for approximately 5000 employees.
Here should have to step in, and the creditor banks – and did not. It might not be believed, however, that the liquidity situation is so tense that the Board of Directors initiated would see to immediately file for bankruptcy.
This is not however the only Version that is heard from the environment of the negotiations. "None of us has pulled the plug. The talks were to last constructive“, it was said from the circle of the creditor banks, which showed itself from bankruptcy filing in surprise.
Especially Commerzbank and LBBW
For the week are affected in the middle, agreed with the Bank consortium just to keep up Friday still to cancel your loans or the 30. To extend June and beyond. Rather, the banks wanted to make to Friday an Overview of the situation of the group and then decide. An official comment nobody made.WIRECARD -- -- (--) Xetra tradegate lang & Schwarz, Stuttgart, London SE Int. Level 1FrankfurtSchweiz OTCWienSchweiz 1T 1W 3M 1J 3J 5J For detail view
in The early afternoon, Wirecard announced that without an agreement with the credit, the probability of termination and the expiration of loans with a volume of 800 million euros to the 30 donors". June and 500 million euros to 1. July“ have passed. Therefore, the Board was "Convinced that in the short time available, a positive Going Concern forecast can be made." Thus, the going concern status of the company is not ensured, it said.Updated Date: 25 June 2020, 10:20