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The bank also launched insolvency proceedings against other entities affiliated with GFG. [7] According to The Wall Street Journal , Credit Suisse would face difficulties in recouping the funds, as Greensill had split up loans backing the funds' investments (including loans granted to GFG Alliance) into a double trust structure.
Citibank N.A. has lodged an application with Australia's Supreme Court of New South Wales to wind up two businesses run by Indian-British steel magnate Sanjeev Gupta as part of insolvency measures.
On 8 March 2021, Bloomberg reported that GFG Alliance believed it would become insolvent if Greensill collapsed and had defaulted on some of its bonds. [29] In April 2024, Grant Thornton, the administrators for Greensill, published a report where they revealed that they were still owed round $587.2m (£472m) from the GFG Alliance.
Sanjeev Gupta (born September 1971) is an Indian-born British businessman, and the founder of Liberty House Group. [1] He is the CEO and chairman of GFG Alliance, an international conglomerate that operates primarily in the steel and mining industries. [2]
An Australian state planner has approved the expansion of a metallurgical coal mine in New South Wales run by a unit of cash-strapped industrialist Sanjeev Gupta's GFG Alliance. Planning body IPC ...
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The mining assets of the former company included iron ore (magnetite and haematite) mines in the Middleback Range [7] [8] and a dolomite mine (to supply blast furnace flux) at Ardrossan, South Australia. [9] In 2017, GFG Alliance purchased Arrium's Whyalla Steelworks in South Australia, announcing that a new AUD600 million investment would lift ...
The action was brought by a unit of another bank, Citigroup, which was acting under instruction from Credit Suisse. The Swiss bankers are on the hook for a $10 billion fund part of which was invested in Greensill Capital which had placed $3.6 billion in LHG parent company GFG, part of which had funnelled down to LCL. The balance sheet of Credit ...