Troubled German payments firm Wirecard said at the weekend it has hired US investment bank Houlihan Lokey to “develop a plan for the sustainable financing strategy of the company …”
The development came after Moody’s cut Wirecard’s rating to junk over the disappearance of €1.9 billion euros.
On Friday, Wirecard said: “Wirecard AG can confirm that the company is in constructive discussions with its lending banks with regard to the continuation of the credit lines and the further business relationship.”
Wirecard’s CEO resigned on Friday and the firm is attempting to reassure investors amid its search for the missing money.
“The downgrade of Wirecard’s ratings and review for further downgrade reflect the accounting irregularities and related implications on the company’s liquidity and financial profile following its failure to publish the already postponed audited consolidated accounts for 2019,” said Moody’s.
The company’s auditors have refused to sign off on its 2019 earnings statements.