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Sebastian Brunner Communications, corporate

Sebastian Brunner Communications,

24.07.2020 - 19:03:44

Preliminary Insolvency Proceedings for the assets of Wirecard AG: Investor processes making progress - A total of over 140 interested parties for core business or affiliated companies - Business operations continue - liquidity secured

Press Release

Rechtsanwalt Dr. Michael Jaffé Preliminary insolvency administrator of Wirecard AG, Aschheim

 

Investor processes making progress

A total of over 140 interested parties for core business or affiliated companies

Business operations continue - liquidity secured

Aschheim/Munich, July 24, 2020: Despite the extremely difficult starting position and the lack of liquidity at the beginning of the proceedings, the preliminary insolvency proceedings for the assets of Wirecard AG are continuing to progress well. Liquidity for the continuation of the business has been secured for the time being. The initiated investor processes are making good progress.

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 will commence, during which the bidders will be able to submit concrete acquisition offers. "The feedback from the management presentations is very positive. Interested parties are showing considerable interest in acquiring the company, which operates independently on the market," said the preliminary insolvency administrator Dr. jur. Michael Jaffé of the law firm JAFFÉ Rechtsanwälte Insolvenzverwalter.

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.

 

Press contact for the preliminary insolvency administrator Sebastian Brunner Tel.: +49175/5604673 E-Mail: sebastian.brunner@brunner-communications.de

End of Media Release Issuer: Sebastian Brunner Communications Key word(s): Enterprise

24.07.2020 Dissemination of a Press Release, transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de

1101321  24.07.2020 

@ dgap.de