Greensill Capital eyeing insolvency protection in Australia

Business

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 here, 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.