June 25, 2020 / 12:24 PM / 17 days ago

Wirecard says continuing as going concern not assured

FRANKFURT (Reuters) - German payments firm Wirecard, which filed for insolvency on Thursday, said the company’s ability to continue as a going concern was not assured.

“In the absence of an agreement with the lenders, there was a likelihood of termination and expiry of loans with a volume of 800 million euros on June 30, 2020, and 500 million euros on July 1, 2020”, it said in a regulatory filing.

“The Management Board has come to the conclusion that a positive going concern forecast cannot be made in the short time available. Thus, the company’s ability to continue as a going concern is not assured.”

Wirecard added that its banking unit Wirecard Bank AG is not part of the insolvency proceedings.

Reporting by Arno Schuetze; Editing by Michelle Martin

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