Wirecard files for insolvency proceedings

German payments company Wirecard said on Thursday it was filing to open insolvency proceedings after disclosing a $2.1 billion financial hole in its accounts.

Shares were suspended before the announcement by the Frankfurt Stock Exchange. They have lost more than 90% of their value since auditor EY refused to sign off on the 2019 accounts, leading to the resignation of long-time CEO Markus Braun.