Wirecard: First results in the process to sell participations in the interest of the creditors
Rechtsanwalt Dr. Michael Jaffé
Preliminary insolvency administrator of Wirecard AG, Aschheim
First results in the process to sell participations in the interest of the creditors:
Agreement on the sale of Wirecard Brazil signed
Negotiations with several bidders regarding the sale of the core business in the second round
Final offers for Wirecard North America expected
Aschheim/Munich, August 21, 2020: The first results regarding the sale of assets have been achieved in the preliminary insolvency proceedings over the assets of Wirecard AG. In this regard, an agreement on the sale of Wirecard Brazil has now been signed. Pursuant to the signed agreement, 100 percent of the shares of Wirecard Brazil shall be acquired by a subsidiary of PagSeguro Digital Ltd., a company listed on the New York Stock Exchange. The transaction is still subject to, among others, the approval of the Brazilian regulatory authorities.
The sales process for the subsidiary Wirecard North America Inc. is also well advanced. The final acquisition offers are expected here shortly.
For the core business of Wirecard AG, the so-called acquiring and issuing business, negotiations with potential investors are now entering the next phase. “There are several notable interested parties who have submitted indicative offers,” explained the preliminary insolvency administrator Dr. jur. Michael Jaffé of the law firm JAFFÉ Rechtsanwälte Insolvenzverwalter.
The liquidation processes for the other Wirecard affiliates worldwide are also making progress.
“It is particularly pleasing that the sale of Wirecard Brazil has been the first success with respect to the sale of assets, because the framework conditions of the Wirecard insolvency proceedings have been, and still are, very difficult. We are glad that a satisfying solution has been found so quickly in this process. The proceeds from the sale will benefit the creditors”, said Dr. jur. Michael Jaffé.
The English subsidiary of Wirecard AG, Wirecard Card Solutions Ltd., has also reached an agreement in principle with Railsbank Technology Limited to sell certain customer relationships and other assets. Wirecard Card Solutions is active in the field of prepaid cards and electronic payment transactions.
Press contact for the preliminary insolvency administrator