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K&E Treuhand Appointed as Wirecard's Common Noteholder Representative

·3-min read

DGAP-News: K&E Treuhand GmbH / Key word(s): Bond
17.11.2020 / 21:07
The issuer is solely responsible for the content of this announcement.

K&E Treuhand GmbH ("KET") has been appointed as common representative for all holders of Wirecard AG's € 500,000,000 senior notes due 2024 (the "Notes"). The appointment was resolved upon by a majority of holders of the Notes represented in the noteholders' meeting held on 13 November 2020. KET is an affiliate of Kirkland & Ellis International LLP incorporated to accept appointments of this nature.

Filing of Claims in the Wirecard AG Insolvency
As common noteholder representative, KET has exclusive standing to exercise the noteholders' rights in the insolvency proceedings of Wirecard AG. In particular, KET will file a proof of claim on behalf of all holders of the Notes in the insolvency proceedings of Wirecard AG. Noteholders will not need to file their claims individually, and can continue trading the Notes without the need to make any filings in the insolvency proceedings.

All-Creditors' Meeting
KET will attend the all-creditors' meeting scheduled for 18 November 2020 on behalf of all noteholders. Individual noteholders have a right to attend, but no right to vote. Only physical attendance is possible, i.e. no virtual broadcast or dial-in will be provided. The meeting will be held in the German language only and will be limited to 350 attendees. In the meeting, the administrator will report on the status of the insolvency proceedings, and the creditors will take votes on various topics as set out in the court's invitation dated 25 August 2020. One topic will be the appointment of a creditors' committee. The preliminary creditors' committee is currently consisting of Trinity Investments DAC, ING Bank AG, Marvin Kewe of Tilp Rechtsanwaltsgesellschaft mbH, and an employee representative. KET plans to move for and accept an appointment to the creditors' committee.

Following the meeting, KET will report from the meeting in a format yet to be considered.

Guarantee Claims
With regard to the noteholders' claims under the guarantee, the legal situation is ambiguous. The insolvency court refused to admit a proposed resolution expressly authorizing the common representative to file claims against the German guarantors. For the time being, we would recommend that each noteholder files its guarantee claims individually.

Claims Review Hearing
The claims review hearing is scheduled for Thursday, 10 December 2020. KET will attend the hearing on behalf of all noteholders and will evaluate whether to contest individual claims filings by other creditors.

Access to Information
Following KET's appointment as common noteholder representative, only KET has information rights vis-à-vis Wirecard AG and the administrator and serves as information intermediary between the debtor/administrator and the noteholders. In compliance with its obligation to report to the noteholders, but also to keep costs at a reasonable level, KET will set up adequate information channels, likely through a website access. Since only current holders of the Notes will be eligible to receive information, noteholders will be asked to register and provide evidence of their holdings.

KET will further engage a paying agent to arrange for any distributions in the insolvency proceedings to be made through the clearing systems.

K&E Treuhand GmbH
Maximilianstrasse 11
80539 Munich
T +49 89 2030 6000

17.11.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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