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Bloomberg

SoftBank Seeks $1.2 Billion in Greensill Collapse

(Bloomberg) — Greensill Capital owes more than $1.3 billion to creditors, with the bulk of those claims so far coming from the now-defunct fintech’s largest shareholder, SoftBank Group Corp.SoftBank, which had already invested $1.5 billion in return for a stake in the company that is now practically worthless, is owed $1.15 billion, people familiar with the matter said. It’s not clear whether it lent that money to Greensill in addition to the equity investment, or whether the latter was structured in a way that allows it to try and recoup money in creditor talks.In total, counterparties to Greensill submitted claims for more than A$1.75 billion ($1.35 billion), administrator Grant Thornton said in a statement Friday after a call between creditors concluded. The final tally may be significantly higher as further claims are made, and because some of the amounts submitted were placeholders while the actual damage is being determined.The figures show Greensill owes money to some 34 creditors, including its own German banking unit and a family trust in the name of founder Lex Greensill’s brother, from which it had borrowed late last year as it struggled to raise new money ahead of a possible going public. SoftBank had injected equity in the firm in 2019 and put hundreds of millions of dollars into funds Greensill ran with Credit Suisse Group AG. It’s collapse leaves Masayoshi Son’s Vision Fund with yet another damaging loss.SoftBank didn’t respond to requests for comment.Greensill filed for insolvency in the U.K. last week, after Credit Suisse froze the $10 billion group of funds that Greensill effectively ran. The Swiss bank, itself a creditor, made the decision after a unit of insurer Tokio Marine Holdings Inc. refused to provide new coverage for some of the short-term financings Greensill packaged into securities and then sold on to the funds. Tokio Marine and its Australian subsidiary are now also among the creditors.Even before the dramatic events of the past weeks, SoftBank had written down its stake significantly, Bloomberg has reported. Just a year earlier, a capital injection by the Japanese investor had valued Greensill Capital at $3.5 billion. In October of last year, Greensill predicted he would soon sell a small stake of the company for hundreds of millions of dollars, implying a valuation of roughly $7 billion.Now, the repercussions are hitting banks and investors across the world. Credit Suisse this week said it would suspend bonus payments for some top managers and weigh clawbacks as it tries to contain the fallout from its involvement with Greensill. The Swiss lender said it’s expecting defaults on some of the notes in the funds and that so far it has only recovered about $50 million of a $140 million loan to the firm. It also submitted a creditor’s claim.The first creditors meeting for Greensill’s collapsed supply-chain finance business in Australia on…