Greensill Capital is in $ 1.15 billion debt to SoftBank Group Corp., people familiar with the matter said, as a Japanese institution emerged as a major debtor to the collapsed supply chain finance company.
The total value of claims for more than A $ 1.75 billion ($ 1.35 billion) was filed on behalf of Greensill creditors, administrator Grant Thornton said in a statement Friday after a call between creditors ended. Another meeting is scheduled for April 22 when creditors will get a chance to vote on the future of Greensill.
The first creditors ’meeting for Lex Greensill’s supply chain finance business in Australia on Friday lasted 55 minutes, with 59 creditors 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.
Greensill filed for bankruptcy in the UK last week amid concerns about the valuation of its assets. Key sponsors from Credit Suisse Group AG to SoftBank had expressed doubts about loans granted by the company.
SoftBank did not immediately respond to a request for comment. SoftBank Vision Fund invested $ 1.5 billion in Greensill in 2019. It has written down the valuation and is considering releasing it near zero, people familiar with the matter have said.
Now, the results hit banks and investors across Europe. 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 deficits in a group of $ 10 billion supply chain funds it ran with Greensill and has so far only received about $ 50 million in a $ 140 million loan for the company.
Some 34 individual creditors have filed applications, with the exception of employees, although this number could increase as more claims are made during the administration, Grant Thornton ‘s statement said.
The Peter Greensill Trust was also named Friday as a creditor.