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UPDATE 1-Greensill UK administrators say $3.7 bln in AUM collected so far

Fri, 07th May 2021 15:16

(Adds background, detail from statement)

LONDON, May 7 (Reuters) - Administrators to collapsed firm
Greensill Capital's UK business said it had $17.7 billion in
assets under management at March 8 of which $3.7 billion has
been collected as of April 16.

The supply chain finance firm, which lent money to firms by
buying their invoices at a discount, collapsed in March 2021
after insurers pulled their cover.

Creditors of Greensill Capital Pty, the Australian parent of
the British company, voted in April to liquidate that company.

Among the investors burnt in the widespread fallout from
Greensill's collapse were clients of Swiss banking giant Credit
Suisse, steel magnate Sanjeev Gupta's GFG Alliance and some 26
German towns.

A British parliamentary committee said on Friday that former
Prime Minister David Cameron - who lobbied for Greensill - and
the company's founder Lex Greensill would be questioned by
lawmakers next week over the failure of the firm.

Grant Thornton, Greensill UK's administrators, proposed in a
statement filed with Companies House late on Thursday that the
administration would end with the voluntary liquidation or
dissolution of Greensill Capital UK and Greensill Capital
Management UK, after a sale attempt fell through earlier this
year.

Some of Greensill's assets were backed by insurance and
Grant Thornton said investors may be able to recover some funds
through insurance claims. It has appointed law firm Herbert
Smith Freehills for trade credit insurance issues.

Grant Thornton estimates it will be able to recover just
$275 million to repay claims from unsecured creditors worth
nearly $1.5 billion.

(Reporting by Carolyn Cohn and Iain Withers
Editing by Rachel Armstrong and Louise Heavens)

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