Wirecard: Hope in the bankruptcy process

Wirecard: Hope in the bankruptcy process At Wirecard, almost everything revolves around clearing up the criminal machinations of the former leadership. In the meantime, the insolvency administrator is trying to save at least parts of the company. Now he sends optimistic signals. Wirecard insolvency administrator Michael Jaffé sees good chances of selling the core business with card payments despite the massive fraud allegations against the payment processor. 77 interested parties have already signed up for this, which should now look at the books in the next step; Jaffé said in an interim report. "We are confident that we will find an investor for the core business; that offers significant entrepreneurial opportunities in a rapidly growing market. However; many bidders only report at this stage to take a close look at the competition. The business with the issuing of credit cards and the settlement of online transactions (acquiring) had stabilized during the bankruptcy "despite the extremely difficult starting situation"; said Jaffé. The liquidity was secured even without a bulk loan.  

US business with good prospects

    Wirecard AG and a handful of subsidiaries collapsed; at the end of June after account balances of 1.9 billion euros proved to be fake. The public prosecutor's office is investigating the former management of the DAX company headed by CEO Markus Braun; primarily because of gang fraud. Braun and two other ex-managers are in custody. Jaffé tries to use the remnants of the company in favour of the creditors. The most advanced is the sale of the US pre-charged payment card business; which Wirecard acquired from Citigroup in 2016. 60 interested parties have signed confidentiality agreements that give them a look at the books. They "show considerable interest in acquiring the company; which operates independently and independently on the market;" said Jaffe. You might also be interested in:

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