June 25, 2020 / 12:06 PM / 13 days ago

Wirecard says continuing as going concern not assured

FILE PHOTO: Markus Braun, CEO and Alexander von Knoop, CFO of Wirecard AG, an independent provider of outsourcing and white label solutions for electronic payment transactions, cast shadows at the company's annual news conference in Aschheim near Munich, Germany April 25, 2019. REUTERS/Michael Dalder

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

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