Convertible bonds that were part of a complex transaction that allowed Japan's Softbank to buy a stake in now-collapsed payments company Wirecard and then de-risk the transaction have been put up for sale in an auction.
In a process managed by Credit Suisse, bonds convertible into Wirecard debt with a nominal value of 900 million euros will be sold via an auction set to close on July 8, according to a document seen by Reuters.Many of Wirecard's creditors are eager to sell their exposure to the now-insolvent company, as police have raided the German firm's offices and its administrator has started selling its assets.
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