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SoftBank is seeking $ 1.2 billion in Greensill collapse

(Bloomberg) – Greensill Capital has more than $ 1.3 billion for creditors, with the majority of these claims to date coming from fintech ‘s largest shareholder, SoftBank Group Corp.SoftBank, who had already invested $ 1.5 billion for investment in the now largely worthless company, $ 1.15 billion is owed to them, people familiar with the case said. It is unclear whether he lent that money to Greensill in addition to the equity investment, or whether the latter was structured in a way that allows him to recover money in creditor transactions. In total, parties to Greensill submitted claims for more than A $ 1.75 billion ($ 1.35 billion), administrator Grant Thornton said in a statement Friday after a call between creditors ended. The final count may be significantly higher as further claims are made, and as some of the amounts submitted were placeholders while the damage itself was being determined. The figures show that Greensill has money for some 34 creditors, including his own German banking unit and a trust family in the name of founder Lex Greensill’s brother, since he borrowed late. last year as he struggled to raise new money ahead of a potential public. SoftBank had injected into the group in 2019 and injected hundreds of millions of dollars into funds run by Greensill with Credit Suisse Group AG. It falls leaving Masayoshi Son’s Vision Fund with another devastating loss. SoftBank did not respond to requests for comment.Greensill filed for bankruptcy in the UK last week, after Credit Suisse froze the group of $ 10 billion of funds that effectively ran Greensill . The Swiss bank, which is itself a creditor, made the decision after insurance unit Tokio Marine Holdings Inc. refusing to issue new coverage for some of the short-term Greensill money packaged into securities and then sold on the fund. Tokio Marine and its Australian subsidiary are now also among the creditors. After the dramatic events of the past few weeks, SoftBank had written down its duty significantly, Bloomberg has reported. Just a year earlier, a capital injection by the Japanese investor had valued Greensill Capital at $ 3.5 billion. In October last year, Greensill expected to sell a small stake of the company soon for hundreds of millions of dollars, resulting in a valuation of around $ 7 billion.Now, the rebounds are hitting on banks and investors around the world. Credit Suisse said this week that it would suspend bonus payments for some top managers and reverse pressure while trying to keep the proceeds out of involvement with Greensill. The Swiss lender said it expects to repay some of the pounds in the fund and so far has only recovered about $ 50 million of a $ 140 million loan to the company. . They also filed a creditor application. The first creditors ’meeting for Greensill’s supply chain finance business in Australia on Friday lasted 55 minutes, with 59 credits in attendance with their representatives. The German Banking Association as well as German and Australian secure regulators were also called up, led by Grant Byrnton partner Matt Byrnes. The creditors who filed claims are barred from employees. Their numbers could rise as more claims are made during the administration, Grant Thornton ‘s statement said. Another meeting is scheduled for April 22 when creditors will have the opportunity to vote on the future of Greensill.Tokio Marine and its Bond & Credit Co. subsidiary. submitting nominal bids for $ 1 each to work out how much debt they owed, the people said, wanting not to be identified because the meeting was private. Tokio Marine is opposed to showing more than expected liquidation of Greensill Capital after it found that expected rebound contracts to limit losses did not cover its unit that made the business Greensill, Bloomberg told CBC’s previous owner, Insurance Australia Group Ltd. ., filed a lawsuit for about $ 20,000 to cover his legal fees for a court dispute with Greensill heard in Sydney on March 1, according to a different person familiar with the case. Peter Greensill Trust, a creditor representing CEO Lex Greensill and his brothers Peter and Andrew are seeking $ 60 million. Startup Earnd, which bought Greensill a controlling stake last year, was another creditor. The administrator is considering options for that company that could include a sale, according to people familiar with the matter. The administrators were also aware of a contingent claim from the German Banking Association that could cost around 2 billion euros ($ 2.4 billion), Grant Thornton said in a statement. This has not been formally confirmed by the administrators, according to the statement. A joint administration process is running in Germany for Greensill Bank AG, a subsidiary of Greensill Capital. For more articles like this, please visit us at bloomberg.comSubscribe now to stay up to date with the most trusted business news source © © 2121 Bloomberg LP