Wirecard files for insolvency days after the German payments company revealed a $2 billion accounting hole and its former CEO was arrested
Battered German fintech company Wirecard AG filed for insolvency proceedings, a week after auditors found a $2 billion hole in its balance sheet.
The company, which specializes in payments processing, said Thursday it filed an application to open insolvency proceedings in the Munich district court. It cited the company’s “impending insolvency and over-indebtedness.”
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