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Wirecard Files For Insolvency Proceedings

(RTTNews) - Wirecard AG (WRCDF.PK) said the company's management board has decided to file an application for the opening of insolvency proceedings. The company is planning to file the application due to impending insolvency and over-indebtedness. Wirecard is currently evaluating whether insolvency applications have to be filed for subsidiaries of Wirecard Group.

Wirecard was in talks with its lending banks with regard to the continuation of the credit lines, including the continuation of the current drawing coming due at the end of June. Earlier, the company stated that it is examining a broad range of possible further measures to ensure continuation of its business operations.

Last week, Wirecard's auditor Ernst & Young had informed the company that no sufficient audit evidence could be obtained so far of cash balances on trust accounts in the consolidated financial statements in the amount of 1.9 billion euros, about a quarter of the consolidated balance sheet total. The company withdrew its preliminary results for the financial year 2019 and the first quarter of 2020.
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