Insolvency administrator considers Wirecard not capable of being restructured

According to a progress report of the insolvency administrator Michael Jaffé the situation is too desolate for resturcturing, after years of reporting profits, but in reality accumulating losses.

Following the report a mountain of debt of more than 3.2 billion euros is offset by usable assets of only 428 million, which means that the company is over-indebted by around 2.8 billion euros. In liquid assets there are only 26.8 million euros left. These figures are the result of a long series of losses.