September 9 (SeeNews) - Investors are expected to submit final bids for the Romanian subsidiary of insolvent German payment processing and financial services provider Wirecard next week, the court-appointed insolvency administrator said.
Several investors are competing in the auction process for the acquisition of all shares in Wirecard Romania SA, the insolvency administrator appointed by the Munich Insolvency Court, Michael Jaffe, said in a press release on Tuesday.
"We are glad to see that there is interest in the market for the subsidiaries of WDSI. Therefore, we will continue our sales efforts in the best interest for WDSI's creditors", Michael Jaffe said.
Strong interest is also shown by potential investors in PT Wirecard Technologies Indonesia, PT Prima Vista Solusi (both Jakarta, Indonesia) and Wirecard (Vietnam) Company Limited. The insolvency administrator has already received several indicative bids for these companiesл
After the opening of insolvency proceedings over the estate of Wirecard Sales International Holding GmbH, the insolvency administrator began the restructuring and sale process of the international subsidiaries of Wirecard group held by Wirecard Sales International Holding GmbH.
Wirecard AG became insolvent in June, after its CEO, COO, two board members, and other executives were arrested or indicted for financial fraud.
In Romania, Wirecard is present since 2016, when it acquired all of the shares of Romanian payment processing company Provus Group from Polish equity fund Innova Capital