Wirecard's insolvency triggers default for convertible investors

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Wirecard's insolvency triggers default for convertible investors

Aidan Gregory
July 02, 2020 04:00 pm
WIRECARD_PA_575_375
wirecard balance sheet scandal: searchers search Wirecard offices. wirecard logo, company emblem, lettering, building, facade, headquarters in Aschheim Dorafter WIRECARD AG on July 1st, 2020. | usage worldwide | FrankHoermann/SVEN SIMON/DPA/PA Images

SoftBank’s repackaged €900m Argentum bonds exchangeable into Wirecard shares are to be liquidated immediately after the German payments company filed for insolvency in June, having disclosed €1.9bn of cash was missing from its balance sheet. This will offer investors a way out or a seat at the table for the looming bankruptcy proceedings.

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GovernanceCredit SuisseGermanyEquityEuropeEMEASRIEquity-Linked
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Aidan Gregory
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