Wirecard, Karstadt Add to 2Q Surge in German Insolvency Filings

Aug. 20, 2020, 12:41 PM

The number of large German firms seeking court protection from creditors more than doubled to 20 in 2Q from the previous three months, according to an emailed report by Frankfurt-based financial advisory firm Falkensteg.

  • The period’s tally of companies with revenues exceeding EU100m that filed for protection included included Wirecard, Galeria Karstadt Kaufhof, and Vapiano
  • Insolvencies of German companies with more than EU20m revenues surged 29% to 58 in 2Q vs 45 cases in 1Q
    • Of these, 27 companies filed for insolvency in April, 16 in May and 15 in June
  • NOTE: Germany Headed for 54% Surge in Insolvencies, ...

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