More than 1,500 employees of the insolvent companies receive pre-financing of insolvency funds
- Constructive discussions with customers
The sales processes for the insolvent Wirecard AG’s core business, the acquiring and issuing business, as well as the independent business units of the Group companies worldwide have been launched. Following a further meeting of the preliminary creditors’ committee of Wirecard AG, the preliminary insolvency administrator, Dr. jur. Michael Jaffé of the law firm JAFFÉ Rechtsanwälte Insolvenzverwalter, announced that more than 100 parties have already registered interest.
After signing a confidentiality agreement, potential investors will soon be able to obtain information via newly established, virtual data rooms and start due diligence processes. The aim is to find near-term investment solutions in the interest of creditors, employees and customers.
Activities for the US company Wirecard North America are the most advanced. The international investment bank Moelis & Company has already been mandated to support the sale of this company with the approval of the preliminary creditors’ committee. Investor processes are also currently being initiated for other international affiliates as wellas the core business, acquiring and issuing.
During discussions with customers, the majority have taken a constructive stance and expressed great interest in an investment solution to the insolvency being found quickly.
At the same time, ongoing costs are being further reduced. “We have already implemented cost-cutting measures. The insolvency funds for the more than 1,500 employees of the insolvent companies are currently relieving the liquidity situation. The employees will receive their first salary payments in a few days, as the pre-financing of the insolvency funds is already underway,” said the preliminary insolvency administrator Dr. jur. Michael Jaffé.
Press contact for the insolvency administrator