Investor processes making progress - Wirecard AG
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.
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