Wirecard CEO Resigns After Banks Say Missing $2 Billion Doesn’t Exist
- Thread starter Nighthawk
- Start date
market is going down at high acceleration ( km/second square )
it has to decelerate first.
Then make U turn.
now at 6.85
When I was a newbie trader, I used to buy such stocks thinking it must be damn dirt very cheap.
I used to catch falling knives till I had no more hand.
those were the days.
I you have insolvency in mind, that isn't the same as bankruptcy (?)
They should have >~$500M of cash remaining.
I think they're worth more alive than dead, thus, that simulated bet for 6 months, will remain.
(just a learning process for me, interesting case study)
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Wirecard filed for BANKRUPTCY. I know what bankruptcy is.
I don't have insolvency in mind, I have bankruptcy in mind.
All financial institutions cancelled all the creditlines that Wirecard had. So it is game over.
Cash is not defining if it is bankruptcy or not. The total active and passive should be watched. 500 millions cash? and what are the other posts on the balance sheets???? Maybe 2 billion in debts????
https://wccftech.com/wirecard-etr-w...-startups-fall-from-grace-nears-consummation/
https://pageone.ng/2020/06/25/wirecard-has-filed-for-bankruptcy/
https://pendect.com/categories/business/economy/wirecard-declares-bankruptcy
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Wirecard continues to be in constructive discussions with its lending banks with regard to the continuation of credit lines and the further business relationship, including the continuation of the current drawing coming due at the end of June. Together with the renowned and internationally active investment bank Houlihan Lokey, Wirecard is assessing options for a sustainable financing strategy for the company.
In addition, the Company is examining a broad range of possible further measures to ensure continuation of its business operations, including cost reductions as well as restructuring, disposal or termination of business units and products segments.
For the avoidance of misunderstandings, the company wishes to inform that its IT systems continue to work without limitations.
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I guess, time will show.
Thanks for the info and links.
All depends of the exact time when the information was published. Mine is 2 hours old.
When was your information published? Initially they did not go for bankruptcy, but situation changed today dramatically.
This morning all banks cancelled all the creditlines that Wirecard had. Without these creditlines Wirecard can never survive. They are essential.
CEO was arrested and second man is on the run.
Your link about various types of bankruptcy is not correct for Wirecard as it is a German company. These four types are not all valid for Germany.