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Wirecard's Irish firm named as guarantor

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Wirecard’s former chief executive Markus Braun

Wirecard’s former chief executive Markus Braun

Bloomberg

Wirecard’s former chief executive Markus Braun

Scandal-hit payments firm Wirecard, which recently reported €1.9bn was missing from its accounts, used its Irish subsidiary as a guarantor for a €1.75bn revolving credit facility.

During an analyst call, Sacha Lurken, a restructuring partner in the Munich office of Kirkland & Ellis International, said the Frankfurt Stock Exchange-listed company - which filed for insolvency last week - also included its subsidiaries in Germany and the UAE as guarantors in the facility.

Speaking with the Sunday Independent, Lurken said the inclusion of the Irish subsidiary, Wirecard Payment Solutions Holdings, meant that "if the banks demand repayment, it is liable under this payment". It "remains to be seen" what happens with the Irish subsidiary, he said.