Wirecard insolvency filing stuns lenders

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By Aidan Gregory, Silas Brown
25 Jun 2020

Stricken German payments firm Wirecard has filed for insolvency, its management said on Thursday, a week after auditors refused to sign off its accounts. The move has surprised some of its lenders, who said talks to renew roughly €2bn worth of loans were proceeding until Wednesday night.

Shares in Wirecard collapsed further on Thursday morning, after the company filed for insolvency protection. They tumbled from €10.74 to as low as €2.02. They had been €104.50 as recently as June 17.

Wirecard said its loans, which total as much as €2bn, would likely terminate on Tuesday ...

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