Wirecard AG’s WDI 5.73% chapter administrator has offered the failed German fintech’s U.S. operations to an organization backed by buyout specialist Centerbridge Companions LP, because it continues to dismantle the stays of the enterprise and earn some money for collectors.
The administrator didn’t say how a lot Texas-based Syncapay Inc., whose traders additionally embody private-equity corporations Bain Capital Ventures and Silversmith Capital Companions, paid for the unit. The U.S. arm has remained a largely autonomous, separate authorized entity since Wirecard purchased the enterprise from Citigroup Inc. in 2016. It points pay as you go playing cards, which are sometimes used as shopper vouchers or for refunds by firms.
Wirecard traders have been betting this disposal and others being overseen by the administrator are unlikely to generate vital proceeds. The corporate has a complete market worth of about €74 million, equal to $87.5 million. Wirecard initially paid about $300 million for the U.S. operation, in line with an individual aware of the matter. That mentioned, the scandal has raised questions over the company’s accounting of its assets.
Wirecard collapsed in June after auditors discovered a $2 billion hole in its balance sheet. German prosecutors are investigating former Wirecard officers over accounting fraud and cash laundering.