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Greensill Capital eyeing insolvency protection in Australia: FT

Reuters
·1-min read
FILE PHOTO: The Greensill Bank is pictured in downtown Bremen

(Reuters) - Troubled supply chain finance firm Greensill Capital is seeking insolvency protection in Australia, the Financial Times reported on Tuesday, after Credit Suisse suspended $10 billion of funds linked to the London-based company's lending operations.

Greensill, backed by Japan's SoftBank Group, is looking to invoke a "safe harbour" protection in Australia where its parent company is registered, the British newspaper said https://www.ft.com/content/cbd575ab-a59d-436c-bb06-a6b85ed18af8, citing people familiar with the matter.

The finance firm, founded by former Citigroup banker Lex Greensill in 2011, declined to comment to a Reuters request.

Grant Thornton, which the Wall Street Journal said on Monday was appointed by Greensill for advice on a possible restructuring, also declined to comment on the FT report.

(Reporting by Pushkala Aripaka in Bengaluru, Rachel Armstrong and Abhinav Ramnarayan in London; Editing by Maju Samuel)