One Square Advisory Services GmbH
DGAP-News: One Square Advisory Services GmbH / Key word(s):
Bond
21.07.2020 / 15:08
The issuer is solely responsible for the content of this
announcement.
Munich, 21 July 2020 - On Thursday, 25 June 2020, the
Management Board of Wirecard AG filed an application for opening of insolvency
proceedings on behalf of Wirecard AG with the competent Munich Local Court.
With the filing of the insolvency application, Wirecard's business activities
will be continued.
The Munich based
attorney Dr. Michael Jaffé has been appointed as provisional insolvency
administrator. Furthermore, applications for insolvency have also been filed
for six German subsidiaries of Wirecard AG, including two guarantors of the EUR
500,000,000 0.50% 19/24 (WKN: A2YNQ5 / ISIN: DE000A2YNQ58), issued by Wirecard
AG (the "Bonds"); applications for further subsidiaries cannot be
ruled out at present. As a result of these reports, the price of the Bonds has
lost more than 80% of its value.
Given the recent developments, greater coordination and
alignment of interests is urgently required for the group of the bondholders.
Their representation in potential restructuring discussions or in a potential
insolvency is imperative for the preservation of value for the bondholders and
the best possible protection of their interests.
One Square Advisors and DLA Piper invite all bondholders to
a telephone conference on Thursday, 23.07.2020 at 17.00 CEST / 4.00 pm BST,
during which the latest developments will be discussed. Furthermore, there will
be a preliminary assessment of the possible options for the engagement of the
bondholders in possible restructuring discussions as well as the positioning of
One Square Advisors as common representative. The telephone conference will be
held exclusively in English and will be based on public information only.
All current holders of the Bond are invited to this
conference call. The public call is not aimed at the press, other stakeholders
or buy-side investors.
One Square Advisors has an excellent track record in
representing bondholders in restructuring and insolvency proceedings. E.g. One
Square Advisors represents the interests of bondholders in the insolvency
proceedings of AirBerlin, Rickmers and SolarWorld as joint representative.
One Square and DLA Piper recommend to the bondholders of
Wirecard AG, to bundle their interests and to be represented jointly through
the election of a joint representative for the best possible protection of
their rights.
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