(Bloomberg) — German payments firm Wirecard AG was tipped into a full-blown crisis after disclosing it was unable to locate 1.9 billion euros ($2.1 billion) missing from its balance sheet.The company now faces a potential cash crunch and warned lenders could call in loans of as much as 2 billion euros after multiple delays to publication of an audited financial report.Read more: Wirecard Creditors Seek More Transparency Amid Talks About DebtThe company’s creditors are likely to organize and appoint advisers to try and negotiate a solution that gets as much as their money back as possible. Here’s how that may unfold.Read More: Wirecard’s Missing Billions Forces Out CEO, Panics LendersWhat could be next?Lenders may agree to a standstill agreement on debt servicing or submitting financial reports to avoid a technical breach of debt terms. Both they and the company are likely to appoint financial and legal advisers to discuss a potential restructuring of debt. In a typical loan agreement, lenders representing at least two-thirds of the debt need to approve any agreement reached, so for Wirecard, three out of 15 banks could sway the outcome.Will lenders help?The company can also ask lenders to provide a new credit line to see it through the crisis, as happened in the case of commodity trader Noble Group which continued to seek short-term facilities during 2016 after it suffered credit-rating downgrades and a share-price collapse amid questions about its finances. This buys the company time to turn itself around and overhaul its financial health. But banks are unlikely to agree to this without first deciding it’s worth the extra risk after evaluating the company’s financial performance over the past two years, at least.Is there a way out for lenders?Banks could start to sell their exposures at steep discounts to hedge funds that trade distressed debt as negotiations roll on. Blocks of retailer Steinhoff International Holdings NV’s debt went on sale in the secondary market after reports of irregularities in accounts in late 2016. Bigger banks with trading or restructuring expertise would usually be among the first to sell their loan holdings, while smaller lenders may still stick to their commitments. Lenders typically sit on their exposures to corporate loans, especially for higher-rated borrowers.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.