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Credit Suisse submits five insurance claims on Greensill-linked funds



(Reuters) – Credit Suisse has filed five insurance claims related to $ 1.17 billion in exposure in two of its Greensill-linked supply chain financing funds, the bank said on Thursday.

On December 31, it had filed five claims related to $ 846 million in exposure for its Luxembourg-based supply chain financing fund, the bank said in a document published on its website, while filing two claims for its high-income-based supply chain financing fund related to $ 326 million in exposure.

The bank said that some of the claims were submitted in relation to both funds. It did not specify who it had filed claims with.

Switzerland's second largest bank has been working to recover assets from the collapse of about $ 1

0 billion in funds linked to the insolvent supply chain's finance company Greensill.

It has done so. recovered approximately $ 7.2 billion of the funds.

The bank has focused on about $ 2.3 billion in loans from Greensill, which imploded in March, to three counterparties including commodity tycoon Sanjeev Gupta's GFG Alliance, SoftBank-backed Katerra and coal miner Bluestone, for which late payments have occurred.

I In December, the company filed applications for information through US courts, which could lead to the company taking legal action in the UK against SoftBank to recover money that it says it owes in relation to Katerra, which submitted. for bankruptcy in June. SoftBank has denied any wrongdoing.

Along with an application filed in California, the Swiss bank also filed a document in a federal court in Arizona, Credit Suisse said on Thursday.

As of December 31, it stated a total of $ 2.5 billion in late payments had been accumulated on its four supply chain funding funds, of which $ 2.2 billion were related to the three companies.


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