Greensill Capital Management - Case Update

Chris Laverty, Will Stagg and Russell Simpson of Grant Thornton, the joint administrators of collapsed finance firm Greensill Capital Management, have published a report revealing the extent of steel magnate Sanjeev Gupta’s debt to the firm.

Greensill was a financial services company based in the UK and Australia focused on supply chain financing. It collapsed in March 2021 after lending more than $5bn to GFG Alliance, its biggest client. Mr Gupta is the CEO and chairman of GFG Alliance.

Since their appointment, the administrators have been working to untangle the firm’s dealings and return money to investors. In their most recent report, the administrators reveal that GFG Alliance continues to owe Greensill $587m (£472m). While the administrators are unable to disclose details at this time, they do say that they are considering recovery options.

The news comes following an announcement that the Insolvency Service is seeking a 15-year ban against Lex Greensill in connection with his conduct as a director of Greensill.

The administrators have been assisted by Hilco (agents) and Allen & Overy, Faegre Drinker and Linklaters (legal), among others. Their latest report can be found HERE.