Swiss asset manager Credit Suisse Asset Management LLC provided a loan of $140 million in October 2020 to now collapsed supply chain financing firm Greensill Capital Pty Ltd. to set up its own captive insurance firm, weeks after its main insurer refused to renew its policy, The Financial Times reported. The loan was provided less than five months before Greensill collapsed to support the company’s plan to establish its own insurer to provide coverage for the risky lending it carried out, according to people familiar with the matter.
Greensill Capital’s main UK operating business has filed for bankruptcy in the US to protect its assets ahead of a September hearing on a lawsuit brought by former client Bluestone Resources.
Greensill Capitalâs $1.55 billion black hole in UK
Save
Share
Most creditors of the main operating entity of Greensill Capital are unlikely to get their money back because the firmâs UK business has a $US1.2 billion ($1.55 billion) gap between debts it owes and the value of assets it can sell.
The release of the first creditorâs report from Greensill Capital UKâs administrators, Grant Thornton, on Friday revealed it has 210 unsecured creditors owed $US1.46 billion, including Sanjeev Guptaâs GFG Alliance which is owed $US16.7 million; software group Tradeshift Holdings which is owed $US7.1 million; fintech group Taulia which is owed $US1.2 million; and insurance brokers Marsh UK, which are owed $US2.9 million.
Greensill Capital Inc paid $83,646 a month for private jet
Save
Share
Greensill Capitalâs US arm was paying $2,868 an hour to another subsidiary of the supply chain finance group to charter an Italian turboprop jet before it collapsed in March, bankruptcy filings reveal.
Greensill Capital (IOM), the owner of a Piaggio P180 Avanti II aircraft registered in the Isle of Man, agreed to provide services to New York-headquartered Greensill Capital Inc at the hourly rate of £1,600 for a minimum of 350 flight hours each year, according to an agreement signed between the two entities in May 2018.
Greensill Capital (IOM), which is also based on the self-governing island between the UK and Ireland, has claimed £88,845 ($159,250) from Greensill Capital Inc, which is going through Chapter 11 bankruptcy, for âlease of aircraftâ, according to creditorsâ claims.