Finance house Greensill Capital’s Australian arm could face as much as $5 billion in claims from creditors including a cohort of German banks as administrators raised the prospect of the once high-flying group heading into liquidation.
Greensill’s local administrators Grant Thornton told the first meeting of creditors on Friday they had received formal claims totalling $1.75 billion, including from its main shareholder Softbank, its financial backer Credit Suisse and other creditors including employees.
Grant Thornton partner Matt Byrnes said the administrators have also been put on notice of a potential future claim of €2 billion ($3.06 billion) from the Association of German Banks, though administrators are yet to receive a formal creditors’ claim from the group as it is contingent on a number of factors.
The meeting also heard the local Greensill entity has filed a claim of about $1 billion against Greensill UK (which is also in administration).
Source: Finance house Greensill Capital’s Australian arm could face liquidation