German payments firm Wirecard said late on Friday it had hired U.S. investment bank Houlihan Lokey to develop a new financing strategy as Moody's slashed the company's rating to junk following the disappearance of 1.9 billion euros.
) to develop a new financing strategy as Moody’s slashed the company’s rating to junk following the disappearance of 1.9 billion euros.
“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,” Moody’s said late on Friday.
“The deadline for audited results was June 19, yesterday, otherwise 2 billion euros of loans could be terminated.” “Just when EY should have played a protective and clarifying role, it left the shareholders out in the cold,” it added.
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