Wirecard's Creditors Claim at Least 12.5 Billion Euros

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, Reuters reported. 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. Read more

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