FRANKFURT (Reuters) - German payments firm Wirecard (WDIG.DE), 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 (£722 million) 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