Credit Suisse continues its quest for reimbursement as part of the liquidation of the Greensill funds. The Swiss bank has just filed its sixteenth insurance claim, it announced at the end of last week. This brings the total outstanding amount covered by these claims to $2.1 billion. Others should be filed in the future, warns Credit Suisse AM in a press release.
The latest insurance claims have not yet changed the amount reimbursed to unitholders. They have so far received $6.75 billion, out of the $7.3 billion liquidated by Credit Suisse.
On Friday, the bank announced the conclusion of an agreement with the Canadian mining company Bluestone Resources. This agreement provides for outstanding payments of up to 320 million dollars (302 million euros) out of a total of 850 million dollars claimed. Bluestone has pledged to make recurring cash payments from this month to its creditors, including supply chain finance (SCF) funds linked to bankrupt UK factoring firm Greensill in 2021. These payments can then be redistributed to investors in these funds, the Swiss bank said in a press release. The payments will be shared between the various creditors, but 81% should fall into the hands of Credit Suisse, or just over $250 million.
The agreement remains subject to the fulfillment of certain conditions precedent and customary regulatory approvals.