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Greensill insurer Tokio Marine takes trade credit provisions


Greensill insurer Tokio Marine takes trade credit provisions
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Tokio Marine, the owner of the insurance group that guaranteed billions of dollars of securities packaged by Greensill Capital, has taken provisions for liabilities at its Australian trade credit business and confirmed it has hired external advisers to review its contracts with the supply-chain finance group.
The insurance group, which owns Sydney-based Bond & Credit Co, said on Thursday that it had swung to an annual loss in its Asia and Oceania business due to a “reserve provision for trade credit insurance in Australia”. Tokio Marine declined to comment on whether the provision was directly related to Greensill Capital, which collapsed in early March. ....

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Greensill winding-down bills could top £30m in a year, report shows


First published on Fri 7 May 2021 11.46 EDT
The bills for lawyers and administrators to wind down Greensill Capital’s UK business are expected to come in at more than £30m for their first year of work alone, new filings show.
Insolvency experts from Grant Thornton, which was appointed as administrator, have been charging £562 an hour, and racked up £2.9m in fees by mid-April. However, the administrators’ report suggests those charges could climb to £15m by March next year.
Administrators are prioritised for payouts ahead of unsecured creditors.
The Grant Thornton fees are on top of an estimated £12m-£16m in legal fees, potentially bringing total professional charges linked to Greensill’s UK collapse to nearly £31m for 12 months’ work. ....

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Greensill's U.K. Creditors Set to Lose 80% After Firm's Collapse


Greensill’s U.K. Creditors Set to Lose 80% After Firm’s Collapse
May 07 2021, 6:52 PM
May 07 2021, 3:59 PM
May 07 2021, 6:52 PM
(Bloomberg) Creditors of Greensill Capital’s U.K. unit stand to lose about 80% of their claims tied to the supply-chain finance firm that imploded earlier this year, leaving more than 200 backers with a deficit of about $1.2 billion.
(Bloomberg) Creditors of Greensill Capital’s U.K. unit stand to lose about 80% of their claims tied to the supply-chain finance firm that imploded earlier this year, leaving more than 200 backers with a deficit of about $1.2 billion.
Grant Thornton, which in March was appointed as administrator of Greensill’s operations after the company filed for insolvency, expects to pay out $275 million of about $1.46 billion in claims to unsecured lenders known as non-preferential creditors, according to a report from the audit firm published on Friday. ....

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