100 INVESTORS WANT TO BUY WIRECARD, ADMINISTRATOR CLAIMS

Wirecard’s administrator said on Tuesday that more than 100 investors have expressed interest in buying the collapsed German payments firm’s core business and holdings, Tom Sims and Hans Seidenstuecker wrote for Reuters late on July 7, 2020.

The firm filed for insolvency last month owing creditors 4 billion euros ($4.5 billion) after disclosing a 1.9 billion euro hole in its accounts that its auditor EY said was the result of a sophisticated global fraud.

“The aim is to find timely investor solutions in the interest of creditors, employees and customers,” administrator Michael Jaffe said in a statement after a creditors meeting. The potential sale of Wirecard North America’s assets was most advanced, Jaffe added, with investment bank Moelis & Company already mandated to conduct a sale.

Sale processes are also being initiated for other international holdings as well as Wirecard’s core business, he said, adding that most of its customers were being constructive and showing an interest in a speedy sale process. Jaffe said potential investors would soon be able to start due diligence procedures in virtual data rooms.