Wirecard: Core business goes to Santander - so much money is now in the till for the creditors 

The core business of the insolvent payment service provider Wirecard goes to the major Spanish bank Santander.

The purchase price is in the "lower three-digit million range".

• When it comes to the disposal of

  Wirecard's

  assets

  , the biggest chunk has now been sold.

• In view of the million-dollar purchase price, the

  bankruptcy estate is

  now

  increasing

  again significantly.

• But

  it can take years for

  the money to

  flow

  to the

  creditors

  .

Munich - The European core business of the insolvent payment processor

* goes to the major Spanish bank

.

The Spaniards would take over the technology platform and all the assets necessary for it, said Wirecard insolvency administrator

in

late on Monday evening

.

In addition, with around 500 employees, the majority of the remaining employees would switch to Santander, it said.

This also enabled the investor process for the

core business to be successfully concluded despite “the most unfavorable conditions,” explained Jaffé.

This is "all the more remarkable since the entire process was overshadowed by ever new scandal reports about events in the past and initially no liquidity was available to maintain business operations."

Wirecard: core business brings amount in the "lower three-digit million range"

The liquidator did not provide any financial details.

From financial circles it was said, however, that Santander pays a purchase price "in the lower three-digit million range".

Including the earlier sales of parts of the company, the bankruptcy estate should now be “over 500 million euros”, it said on Tuesday.

However, this amount is offset by outstanding bank loans of 1.6 billion euros.

In addition, there are billions in compensation claims by cheated shareholders.

Most recently, in addition to Santander, the British mobile communications provider

in the running for Wirecard's core business.

Legally, no

companies would be taken over

with the acquisition of the technology platform

, stressed Santander.

The bank also does not assume any legal risks from the scandal group.

Other interested parties had also meticulously paid attention to the exclusion of possible legal risks in the course of the sales process.

The relevant regulatory authorities have yet to approve the deal.

The transaction is expected to be completed by the end of the year.

The

subsidiaries in Brazil, Romania and North America had already been sold.

At the remaining subsidiaries in Indonesia, South Africa and Turkey, among others, results are also expected in the “next few weeks”, it said.

Wirecard: Creditors' meeting on Wednesday and Thursday in Munich

The

has invited to the creditors' meeting of

and six other Wirecard subsidiaries in Munich's

on Wednesday and Thursday (November 18/19)

.

There Jaffé will report on the economic situation and the disposal of the company parts.

On December 10th, the insolvency court will decide on the legality and the amount of the claims based on an overview from the insolvency administrator.

But before the seized assets can actually be distributed, the creditors will need a lot of patience.

How do you deal with the biggest financial scandal in German post-war history?

My report from the #Wirecard committee of inquiry in the #Bundestag.

Background information & links under the video on YouTube: https: //t.co/rC2Lqjb5bZ

- Fabio De Masi (Member of the Bundestag) (@FabioDeMasi) November 17, 2020

Wirecard: It could be years before creditors see at least part of their money

For this, all of the company's assets would have to be sold first, according to informed sources.

In addition, there should no longer be any legal risks.

This applies, for example, to questions such as the corresponding revision of the annual financial statements or possible tax refund claims from air bookings.

"That can take years," said a person familiar with the processes on Tuesday to Merkur.de *.

insolvency proceedings were

opened almost three months ago.

Previously, the group had to allow air bookings in the amount of 1.9 billion euros.

The long-time former CEO

is in custody, the high-ranking ex-CEO

has

is

under investigation

.

The

public prosecutor's office is

investigating, among other things, suspected gang fraud and breach of trust against former executives, including Braun.