Switzerland’s second-largest bank is working to recover its assets from the collapse of nearly $10 billion in funds linked to bankrupt supply chain finance firm Greensill.
Credit Suisse (SIX:CSGN) said on Thursday it has requested insurance reimbursement for Greensill-linked supply chain financing funds.
In a document published on its website, the bank said it had made five risk-related claims for $846 million for its Luxembourg-based supply chain finance fund as of December 31 and two claims for a $326 million risk-related insurance payment for its high-income supply chain finance fund.
Credit Suisse has managed to recover approximately $7.2 billion of the funds so far. The bank focuses on nearly $2.3 billion in late payments accrued by Greensill, which exploded in March, to three counterparties, including commodity tycoon Sanjeev Gupta’s GFG Alliance, SoftBank-backed Katerra and coal miner Bluestone.
In December, he filed for information through the US courts, and those applications could lead him to take legal action against SoftBank in the UK to recover funds he said he owed in relation to Katerra, which filed for bankruptcy in June.
Alongside an application filed in California, Credit Suisse said the Swiss bank has also filed with the Arizona federal court for document discovery.
The bank said it had accrued a total of $2.5 billion in late payments across four supply chain financing funds, of which $2.2 billion was related to three companies.
