Troubled UK finance firm Greensill is reportedly on the brink of bankruptcy a development which would send shockwaves through the sector, ensnaring clients and risking up to 50,000 jobs worldwide.
Greensill specialises in short-term supply chain financing to provide capital for businesses around the world, but now faces mounting questions over its opaque and complex accounting methods.
The London-headquartered finance firm, founded in 2011 by Australian Lex Greensill with activities spanning Australia and the United States, is preparing to file for insolvency according to the
Financial Times and
Bloomberg News.
However, an industry source told AFP that private equity firm Apollo Global Management Fund and partner Athene were nearing a rescue deal that could provide $100 million in new financing.
Greensill is facing bankruptcy as questions mount over its accounting methods.
Were the firm to go bankrupt, shockwaves would be sent through the sector and clients would be affected worldwide.
On Monday, Credit Suisse suspended $10 billion in funds after finding that $4.6 billion in insurance underpinning Greensill contracts had expired.
Troubled UK finance firm Greensill is reportedly on the brink of bankruptcy a development which would send shockwaves through the sector, ensnaring clients and risking up to 50 000 jobs worldwide.
Greensill specialises in short-term supply chain financing to provide capital for businesses around the world, but now faces mounting questions over its opaque and complex accounting methods.