Page 8 - சங்கம் ஆஃப் ஜெர்மன் வங்கிகள் News Today : Breaking News, Live Updates & Top Stories | Vimarsana
Greensill creditors make $1 4 billion claims to Australia parent, German banks weigh in
metro.us - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from metro.us Daily Mail and Mail on Sunday newspapers.
Greensill creditors, led by Softbank, make $1 4 billion in claims to Australia parent
reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
Greensill creditors, led by Softbank, make $1 4 billion in claims to Australia parent
reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
Supply chain finance disruptor Greensill is undone by its own financial alchemy, putting at risk thousands of jobs in the UK, Australia and the EU. The timing could not be worse for already buckling supply chains.
On Monday, the supply chain finance firm Greensill Capital filed for insolvency after defaulting on a $140 million loan it owes to Credit Suisse. Its parent company in Australia had already filed for insolvency there. According to UK court documents, Greensill had “fallen into severe financial distress” and can no longer pay off its debts. Over the past week many of the company’s directors have been frantically jumping ship, including its chairman Maurice Thompson, Australia’s former foreign minister Julie Bishop and former Morgan Stanley executive David Brierwood.
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(This March.4 story corrects paragraph three to make clear that GAM Holdings closure of the fund related to concerns about perceptions of supply chain finance rather than about asset valuations)
LONDON (Reuters) - A funding crisis at Greensill Capital could spill over to some of its high-risk borrowers and lead to losses for insurers and banks that have done business with the UK-based supply chain finance firm if its clients default, according to several industry experts and a review of public filings.
Greensill, backed by Softbank Group Corp’s Vision Fund, helps companies spread out the time they have to pay their bills. The loans, which typically have maturities of up to 90 days, are securitized and sold to investors, allowing Greensill to make new loans.