Wirecard's insolvency triggers default for convertible investors
![WIRECARD_PA_575_375](https://assets.euromoneydigital.com/dims4/default/149b7d5/2147483647/strip/true/crop/5568x3712+0+0/resize/840x560!/quality/90/?url=http%3A%2F%2Feuromoney-brightspot.s3.amazonaws.com%2Fe8%2F64%2F606d30a50a783da5a5cc7a778dab%2Fwirecard-pa-575-375.jpg)
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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