SYDNEY (Reuters) – Greensill’s British supply chain financier executives said on Friday 34 creditors submitted claims of more than A $ 1.75 billion ($ 1.35 billion) in a meeting with the company’s Australian parent, Greensill Capital Pty .
Grant Thornton, who was announced as an administrator earlier this month, said in an emailed statement that the claims had not been verified and had rejected the Australian company’s employee claims, and 35 of these were withdrawn.
Greensill’s parent in Australia provides administrative and head office support to the London-based group which collapsed this month after losing insurance cover for their debt repackaging business, but which operating “only in limited capacity”, the statement said.
A small number of staff were detained to support the administrator, he said.
A credit committee was appointed Friday at the inaugural meeting of creditors, which includes representatives from SoftBank, Credit Suisse, another anonymous creditor, and an employee representative.
Japan’s SoftBank is the parent’s “significant” creditor, and Credit Suisse maintains security over some of its assets, according to a March 11 regulatory document filed by Grant Thornton.
Also present at the meeting were the Australian Taxation Office, the Australian corporate regulator, the Attorney General’s department and the German banking Association.
Grant Thornton also said he would report to creditors in about three weeks and that a second creditors’ meeting would be held on April 22, where they would vote on whether to dissolve the company or accept a restructuring proposal.
“Administrators have confirmed to creditors that, at this stage, they have not received a recommendation from Company Management Operations for consideration,” the statement said.
($ 1 = 1.2932 Australian dollars)
Reporting with Paulina Duran in Sydney; Edited by Muralikumar Anantharaman