An illuminated logo sits on the exterior of Wirecard’s headquarters in the Aschheim district of Munich, Germany.
Michaela Handrek-Rehle | Bloomberg | Getty Images
Wirecard will file for an application to open insolvency proceedings with the district court of Munich, the company said Thursday.
The company said in a short statement that management had decided to seek court protection “due to impending insolvency and over-indebtedness.”
It marks a tumultuous fall for Wirecard, once a high-flying tech darling in Germany, after the company revealed that 1.9 billion euros ($2.1 billion) of cash on its balance sheet had gone missing.
A further admission on Monday that the cash likely did not exist further compounded Wirecard’s trouble…
Read the full article at: https://www.cnbc.com/2020/06/25/german-payments-company-wirecard-files-for-insolvency.html
