Business

Greensill Capital files for bankruptcy protection in New York

British fund Greensill Capital on Thursday filed for Chapter 11 bankruptcy protection in New York, days after it filed for insolvency in Britain.

FILE PHOTO: Logo of Greensill Bank is pictured in downtown Bremen
FILE PHOTO: Logo of Greensill Bank is pictured in downtown Bremen, Germany, March 10, 2021. REUTERS/Fabian Bimmer/File Photo

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REUTERS: British fund Greensill Capital on Thursday filed for Chapter 11 bankruptcy protection in New York, days after it filed for insolvency in Britain.

Greensill began to unravel earlier this month when its main insurer stopped providing credit insurance on US$4.1 billion of debt in portfolios it had created for clients including Swiss bank Credit Suisse.

The company listed estimated assets between US$10 million and US$50 million, according to the New York court filing.

(Reporting by Uday Sampath in Bengaluru; Editing by Shinjini Ganguli)

Source: Reuters