Romanian Subsidiaries of Wirecard Sales International sold to SIBS

Press Release

 

Rechtsanwalt Dr. jur. Michael Jaffé

Insolvency administrator of Wirecard Sales International Holding GmbH, Aschheim


 

After an intense auction process

 

Romanian Subsidiaries of Wirecard Sales International sold to SIBS

 

Aschheim/Munich, 28 September 2020. A further success was achieved in the investor processes for the sale of the international Wirecard group entities held by Wirecard Sales International Holding GmbH (WDSI). The insolvency administrator appointed by the Munich Insolvency Court for WDSI and Wirecard AG, Rechtsanwalt Dr. Michael Jaffé of the law firm JAFFÉ Rechtsanwälte Insolvenzverwalter, sold all shares in Wirecard Romania SA to the leading European payment service provider SIBS.

 

Wirecard Romania has more than 25 years of experience in offering payment services and necessary technology solutions for all major banks in Romania, also serving banks in Moldavia. The subsidiary Romcard has a leading position within the Romanian payments market. The further subsidiary Supercard Solutions & Services has a leading market share in the merchant value add services market including loyalty systems and end to end marketing capabilities. The companies historically operated standalone from the parent group. They continue operations without disruption and with a strong operational standing.

 

The transaction was closed today. SIBS continues to run the operation without any interruption. SIBS is a full fledge payment service provider, with a leading position in Portugal and a significant footprint in high growth countries in Europe and Africa, and a broad spectrum of solutions from digital and e-commerce to ATM and POS network and card product and personalisation. Via this acquisition SIBS expands into the Romanian market, further expanding its scale and relevance in Eastern Europe.

 

“With the sale of Wirecard Romania we have accomplished another success in the process of selling the Wirecard entities in the best interest of the creditors. There is substantial interest for the other international subsidiaries. Especially, for the PT Prima Vista Solusi, PT Wirecard Technologies Indonesia (both Jakarta, Indonesia) and Wirecard (Vietnam) Company Limited are in advanced auction processes”, insolvency administrator Dr. jur. Michael Jaffé stated.

 

“These are companies that share SIBS DNA. SIBS is a leading payment player that enhances payment solutions, serving more than 300 million users across more than 10 markets. Running these operations, we will as a group continue to provide the most convenient, secure and innovative solutions to the Romanian market”, says SIBS Group CEO Ms. Madalena Tomé.

 

 

 

Additional information:

Dr. jur. Michael Jaffé is one of the most experienced and renowned insolvency administrators in Germany. He has been regularly appointed by the courts for over two decades in difficult and large insolvency cases where the aim is to secure assets for creditors and to realize them in the best possible way. A special expertise lies in multi-stage group insolvency proceedings and proceedings with cross-border issues or assets that are difficult to realize. Among the most nationally and internationally renowned insolvency proceedings of Dr. jur. Michael Jaffé are the media group KirchMedia of the late Dr. Leo Kirch, the former global memory chip manufacturer Qimonda and the German subsidiaries of the Petroplus Group. He also successfully completed the restructuring of caravan manufacturer Knaus Tabbert, Grob Aerospace and Cinterion Wireless Modules Holding GmbH, among others.

As the insolvency administrator of Stadtwerke Gera Aktiengesellschaft, a holding company for participations of the city of Gera for public welfare, he found a permanent solution for all companies. As insolvency administrator of the insolvent fund company NARAT GmbH & Co. KG, Dr. jur. Michael Jaffé sold one of the largest commercial real estate portfolios in North Rhine-Westphalia. In the insolvency proceedings of DCM Deutsche Capital Management (DCM AG), a leading provider of closed-end funds in Germany with a total investment volume of around EUR 4.7 billion, he worked through the complex structures and successfully liquidated the investments. He is also the insolvency administrator of Pro Health AG, Phoenix Solar AG and Dero Bank AG.

As the insolvency administrator of three German P&R container management companies, he realized the worldwide container fleet within the framework of a complex cross-border structure with the aim of minimizing the losses for the approximately 54,000 investors who have filed for insolvency tables for over EUR 3 billion.

For more than two decades, JAFFÉ Rechtsanwälte Insolvenzverwalter has been one of the leading law firms in the fields of insolvency administration, insolvency law and restructuring (in accordance with the German Law on Further Facilitating the Restructuring of Companies (Gesetz zur weiteren Erleichterung der Sanierung von Unternehmen) or ESUG), especially in complex and cross-border proceedings. An important basis for this is the many years of experience, competence and independence that are regularly in demand, especially in complex proceedings. This is one of the reasons why the firm has enjoyed the trust of courts and creditors for decades, especially in difficult proceedings where conflicting interests of the parties involved exist. With its own efficient structure, which has grown over the years, the firm can accompany proceedings of any size in the interest of creditors.

 

Please do not hesitate to contact us if you have any questions:

Media contact for the insolvency administrator
Sebastian Brunner
Tel.: +49175/5604673

Email: sebastian.brunner@brunner-communications.de

Datum 29.09.2020