(Bloomberg) -- Wirecard AG won a short reprieve from the lenders on its 1.75 billion euros ($2 billion) revolving credit facility after banks decided to assess the embattled company’s long-term viability before telling it to repay the loan.Advisory firm FTI Consulting is monitoring Wirecard’s compliance with the loan terms as lenders sift through documents and speak with stakeholders including Visa Inc. and Mastercard Inc. to decide how best they can secure the highest repayment, people familiar with the matter said. A standstill agreement is only expected to last a short period before lenders make a final decision, the people said, asking not to be identified discussing the private information.Wirecard earlier this week said that 1.9 billion euros ($2.15 billion) it previously reported as cash on its balance sheet probably doesn’t exist, triggering a collapse in shares and a criminal investigation into how the money went missing. The revelations are rippling across...
(Bloomberg) -- European stocks fell the most in a week and U.S. futures slumped as a resurgence in virus cases around the world sharpened concern about the pace of the economic recovery.Retailers and travel shares -- companies that stand to benefit from life returning to normal after the pandemic -- were among the biggest losers in European trading. Oil and copper retreated, while gold approached $1,800 an ounce. The dollar index was little changed. Market sentiment is turning more negative on concern that the spreading coronavirus could force policy makers to slow the pace or reverse business re-openings. At the same time, there’s the potential for trade tensions to resurface between the Europe and the U.S. “The outbreaks have given markets the unpleasant reminder that the pandemic is far from over and that the economic recovery may be slower than expected,” said Mobeen Tahir, associate director of research at WisdomTree in...
