Wirecard lenders scrabble for unanimity as Moody’s withdraws ratings

By Silas Brown
22 Jun 2020

Bank lenders are trying to reach an agreement with scandal-rocked Wirecard to renew as much as €2bn of loans, after the beleaguered German payments company breached its terms on Friday when it failed to produce audited financial results. According to several sources familiar with the situation every lender needs to sign off on the new deal, otherwise Wirecard may have to pay the entire loan back.

Wirecard acknowledged on early Monday morning as much as €1.9bn of its reported assets likely did not exist, an admission that prompted its shares to drop a further 40% to €15.13 as of Monday mid-afternoon. 

Since the initial fall last Thursday, after its auditor EY failed to sign off ...

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