Wirecard said on Thursday that it would begin insolvency proceedings, marking the collapse of the once high-flying German payments service provider that only a week ago was valued at €13bn.
The Aschheim-based company said in a regulatory statement that it was faced with “impending insolvency and over-indebtedness”. It will file an application for insolvency at the Munich district court on Thursday.
Shares in Wirecard fell by 90 per cent in a week and were suspended shortly before the company’s announcement. Markus Braun, the longstanding chief executive who resigned last Friday, was arrested by Munich prosecutors earlier this week and released on €5m bail.
Mr Braun has denied wrongdoing. Wirecard owes a consortium of banks €2bn, and has a further €1.4bn of debt outstanding.
https://news.google.com/__i/rss/rd/articles/CBMiP2h0dHBzOi8vd3d3LmZ0LmNvbS9jb250ZW50L2FjOTQ5NzI5LTYxNjctNGI2Yy1hYzNmLWYwYWE3MWFjYTE5M9IBP2h0dHBzOi8vYW1wLmZ0LmNvbS9jb250ZW50L2FjOTQ5NzI5LTYxNjctNGI2Yy1hYzNmLWYwYWE3MWFjYTE5Mw?oc=5
2020-06-25 09:26:52Z
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