Greensill Capital Seeks Insolvency Protection In UK

By Rick Archer (March 8, 2021, 12:59 PM EST) -- British financing group Greensill Capital has filed for insolvency protection in a United Kingdom court Monday after Credit Suisse cut off four of its funds and German financial regulators filed claims of balance sheet irregularities.

Last week Credit Suisse announced it was winding down $10 billion in four supply chain finance funds linked to Greensill because of uncertainty over their value and the reduced availability of insurance against risk.

The step came days after Germany's financial regulator, BaFin, filed a criminal complaint against Greensill Bank AG and closed down the group's subsidiary in the city of Bremen for balance sheet irregularities....

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