Wirecard Creditors Seek More Clarity Amid Talks Over Debt
- Chinese and German banks among syndicated lending groups
- Bondholders hired advisers ahead of talks or insolvency filing
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Wirecard’s creditors are demanding more clarity from the company in return for the extension of almost $2 billion in financing after it breached terms on the loan, people familiar with the matter said.
At least 15 commercial lenders, including Commerzbank AG and ABN Amro, are in negotiations about the steps to take after the German payments company said on Thursday it’s unable to release its annual report because it can’t locate 1.9 billion euros in cash ($2.1 billion), the people said. One of them, Bank of China Ltd., is considering writing off and terminating its credit line with the company, separate people familiar with the matter said.