Wirecard Insolvency Administrator Says there are Over 100 Interested Parties for Core Business and Associated Companies

Last week it was announced that Dr. Michael Jaffé had been appointed to oversee the bankruptcy process of Wirecard AG (WDI:DE). The once prominent Fintech dove into ignominy following the revelation of €1.9 billion in missing funds. The financial scandal saw the CEO, Markus Braun, resign and soon arrested. Yesterday, another Wirecard executive was arrested. A warrant has been issued for Wirecard’s former COO Jan Marsalek who is said to be on the run.

In a release, Jaffé announced that initial discussions have indicated there are over 100 interested parties for Wirecard’s core business and associated companies. Deutsche Bank has been mentioned as a potential suitor in multiple reports but the bank’s CEO has been circumspect about any interest in the firm. Many firms may kick the tires just to get a better look at the Fintech’s operations.

Jaffé, from the law firm JAFFÉ Rechtsanwälte insolvency administrators, said that after signing a confidentiality agreement, potential investors will soon be able to access company information in a virtual data rooms and start the due diligence checks. The goal is said to be to find a timely investor in the interest of creditors, employees, and customers.

Jaffé said that activities for the US company Wirecard North America are the most advanced. The international investment bank Moelis & Company has already been mandated to support the sale of the company with the approval of the provisional creditors’ committee.

Investor processes are also currently being initiated for further international holdings and the core business, acquiring and issuing.

“We have already implemented savings measures. The liquidity situation is currently being relieved by the bankruptcy money for the more than 1,500 employees of the insolvent companies. The employees will receive their first salary payments in just a few days because the bankruptcy money pre-financing is already running,” said Jaffé.

In the meantime, measures have also been taken to secure assets at various international locations.

Of note, Wirecard Bank AG is not insolvent, payments to dealers and customers of Wirecard Bank are carried out without restrictions.

Sponsored Links by DQ Promote


Send this to a friend