(Bloomberg) Lex Greensill’s ambitious plan to transform his arcane trade-finance business into a global lending force is rapidly falling apart. From Credit Suisse Group AG to SoftBank Group Corp., Greensill’s most ardent supporters have signaled doubts about the loans made by his supply-chain finance business, upending his multi-billion dollar empire. Greensill Capital, which as recently as last year was seeking a valuation of $7 billion and planning to eventually go public, is now discussing options including insolvency, according to people familiar with the matter. Greensill Capital on Tuesday made use of so-called “safe harbor protection” that’s allowed under Australian insolvency laws, according to another person familiar with the matter. The move effectively buys directors more time to work out alternative financing as it protects them from personal liability for insolvent trading. At the heart of the swift unraveling at Greensill’s firm specializing in a loosely r
Specialty finance firm Greensill Capital headed toward a rapid unraveling after Credit Suisse Group AG suspended $10 billion of investment funds that fueled the SoftBank Group Corp. -backed startup.
SoftBank Said to Write Down $1 5 Billion Greensill Holding swissinfo.ch - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from swissinfo.ch Daily Mail and Mail on Sunday newspapers.