Wirecard administrator says preliminary insolvency proceedings make good progress

Maria Nikolova

Liquidity for the continuation of the business has been secured for the time being.

Dr. jur. Michael Jaffé of the law firm JAFFÉ Rechtsanwälte Insolvenzverwalter, acting as preliminary insolvency administrator or Wirecard AG, says that the insolvency proceedings for the assets of Wirecard AG are progressing well. Liquidity for the continuation of the business has been secured for the time being, the administrator says.

The initiated investor processes are making good progress, and this applies particularly to Wirecard North America Inc. where around 60 interested parties have signed confidentiality agreements. Numerous management presentations have already been held in recent days, and bidders were also able to obtain information in virtual data rooms.

In the next few weeks, the final phase of the liquidation process is set to begin, during which the bidders will be able to submit concrete acquisition offers.

In addition, the core business, so-called acquiring and issuing, continues to operate and is also being offered to investors for acquisition. “Also, thanks to the great commitment of many employees, the business has further stabilized despite the massive turbulence triggered by past events. 77 interested parties have already signed confidentiality agreements. We are confident of finding an investor for the core business, which offers considerable entrepreneurial opportunities in an enormously growing market,” explained Dr. jur. Michael Jaffé.

In addition, numerous liquidation processes are being initiated for the other global affiliates which can be sold independently of the core business.

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