Key company news from the Dow Jones Newswires weekend program.
Wirecard wants to continue doing business
Despite the application to open insolvency proceedings, Wirecard plans to continue its business. The management board is of the opinion that a continuation is in the best interest of the creditors, said the payment service provider.
KfW has to fear a loan of 100 million euros to Wirecard
The Wirecard bankruptcy could become a problem not only for private banks, but also for KfW. As the Börsen-Zeitung reports, its subsidiary Ipex-Bank granted the payment processor a loan of EUR 100 million in 2018. Since the credit line had been drawn in full and no hedging transactions had taken place, there was a risk of a total loss.
CoBa-AR advises on Wednesday Job cuts and store closures
The Supervisory Board of Commerzbank (CoBa) is due to advise on an additional meeting next Wednesday about additional job cuts and the closure of further branches. As the Börsen-Zeitung wants to know from financial circles, the board of directors has worked out a proposal that should be coordinated with the federal government as a major shareholder and the employee representatives before the meeting.
Verdi agrees Karstadt Delicatessen on receipt of 26 branches
Verdi and Karstadt Feinkost have agreed on a comprehensive social wage agreement. This stipulates that at least 26 out of 50 branches at Karstadt Feinkost will be retained. There are hope for four more branches, says Verdi.
Thiele: Lufthansa restructuring will take five to six years
The restructuring of Lufthansa will take longer than planned, according to major shareholder Heinz Hermann Thiele. “In my opinion, the renovation will take five to six years. It will be a painful journey for everyone involved – how painful, no one can say today,” said Thiele.
Klöckner apparently has no interest in the ThyssenKrupp division
Steel trader Klöckner & Co sees the Covid 19 pandemic as a catalyst for further industry consolidation. However, a merger with Thyssenkrupp’s materials trade is no longer an option.
Allegations against Wirecard were only examined by one employee
According to the “FAS”, the financial regulator had only one employee for months to investigate allegations of fraud against Wirecard. The federal government is now taking its first steps and appears to want to terminate its contract with the German Accounting Office (DPR).
Schirp & Partner are preparing class action lawsuits against BaFin and DPR
Schirp & Partner Rechtsanwälte have been commissioned by Wirecard investors to prepare the filing of class action lawsuits against the Federal Republic of Germany due to state liability. The reason is the failure of the German regulatory authorities in the Wirecard case.
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DJG / AFP / mpt
(END) Dow Jones Newswires
June 29, 2020 00:30 ET (04:30 GMT)