Wirecard has just officially announced that an application for insolvency has been filed with the Munich Local Court! A real drumbeat. Yesterday, rumors were still being heard about possible deferrals by lending banks. And yesterday there were also more and more reports that customers were turning away from Wirecard. Well, and today is the grand finale! Here Wirecard officially in the wording:
Aschheim, June 25, 2020: The Management Board of Wirecard AG today decided to file an application for the opening of insolvency proceedings on behalf of Wirecard AG. To be opened at the competent Munich Local Court due to the threat of insolvency and over-indebtedness. It is being examined whether insolvency applications must also be filed for subsidiaries of the Wirecard Group.
The share has apparently been suspended from trading in Frankfurt.
The Wirecard headquarters in Munich. Photo: Leo Molatore – 0I3A2249 CC BY-SA 2.0