Wirecard's creditors claim at least 12.5 billion euros


Posted at Nov 19 2020 09:30 AM

MUNICH, Germany - Creditors of the collapsed German payments company Wirecard have made claims for at least 12.5 billion euros ($14.85 billion), a German court said on Wednesday.

Wirecard, in a dramatic fall from grace and blow to Germany's reputation, filed for insolvency earlier this year after disclosing that 1.9 billion euros it claimed to hold in accounts was missing.

The firm's assets are in the process of being sold off around the globe.

The claims were made against Wirecard's holding company at a meeting of creditors and the company's insolvency administrator in a Munich beer hall. Creditors are likely to see only a fraction of their claims repaid.

Claims beyond the 12.5 billion euros were also made against various subsidiaries, but they were not made public.

Wirecard's shares had been listed as one of Germany's top 30 blue chip companies.

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