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, Reuters reported. 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.
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Resources Per Country
- Albania
- Austria
- Belarus
- Belgium
- Bosnia and Herzegovina
- Bulgaria
- Croatia
- Czech Republic
- Denmark
- Estonia
- Finland
- France
- Germany
- Gibraltar
- Greece
- Guernsey
- Hungary
- Iceland
- Ireland
- Isle of Man
- Italy
- Jersey
- Kosovo
- Latvia
- Liechtenstein
- Lithuania
- Luxembourg
- Macedonia
- Malta
- Moldova
- Monaco
- Montenegro
- Netherlands
- Norway
- Poland
- Portugal
- Romania
- Russia
- San Marino
- Serbia
- Slovakia
- Slovenia
- Spain
- Sweden
- Switzerland
- Ukraine
- United Kingdom
- Vatican City
As optimism in Britain's economic rebound grows, companies in the country are expecting to borrow billions less than previously anticipated, according to a new study, YahooFinance.com reported. UK firms now expect to borrow £19bn ($26.4bn) this year — £7bn less than previously forecast in February. This is due to a combination of several things including an economic boost from the reopening of non-essential retail, outdoor activities and restaurants as well as easing restrictions further down the line.
Tata Steel Ltd. sued three of Sanjeev Gupta’s metal units for 7.9 million pounds ($11 million) over missed payments, piling more woes onto the embattled tycoon’s corporate empire, Bloomberg News reported. The London lawsuit centers on the 2017 sale of Tata’s specialty steel business to Liberty House Group for 100 million pounds. Liberty told the Indian firm’s U.K. arm that it had run into difficulties as early as May 2020 when demand for steel was hit due to the pandemic, lawyers for Tata said in documents filed at the U.K. High Court.
The Irish High Court has appointed a provisional liquidator to a shipping company which claims it has become “hopelessly insolvent” due to apparent fraud by its managing director, the Irish Times reported. The order was made in relation to a Co Louth-based freight forwarding business, Fast Shipping Ireland Ltd, which employs nine people. Following an investigation into its financial affairs, the company claims its currently suspended managing director, Simon Mulvany, used its monies for his own benefit, including the purchase of two racehorses.
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London's Court of Appeal will hear a request to revive a 5 billion pound ($6.95 billion) lawsuit against Anglo-Australian mining group BHP (BHPB.L), (BHP.AX) over a 2015 dam failure in Brazil, a court order showed, Reuters reported. Judge Nicholas Underhill has agreed to an oral hearing that could help to overturn a previous Court of Appeal decision which denied a 200,000-strong Brazilian claimant group permission to appeal against a judgment to strike out the landmark case.
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The Bank of England unveiled a much brighter outlook for the British economy on Thursday, saying it would return to its prepandemic levels at the end of this year as lockdowns ended, consumers spent billions of pounds in extra savings and the vaccine rollout reduced public health worries, the New York Times reported. The central bank, in its quarterly monetary report, raised its growth forecasts and slashed its predictions for unemployment. The British economy is now projected to grow 7.25 percent this year, compared to a forecast of 5 percent growth three months ago.
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Air France-KLM sales are showing little sign so far of the travel recovery it still hopes to see by summer, the airline group said on Thursday, as it posted a wider first-quarter operating loss, Reuters reported. The group also confirmed its intention to raise more capital within months - a prospect that has weighed on its shares. The stock fell 1.1% to 4.51 euros at 0850 GMT -- less than half its peak of 9.81 euros early last year before the crisis.
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The European Commission accused the U.K. of breaching the post-Brexit trade deal by introducing conditions to grant licenses to fishing boats, Politico reported. London and Paris are at loggerheads over fishing licensing arrangements for French boats fishing in the Channel Islands, but the tension escalated in the last 24 hours when both sides dispatched patrol vessels to the self-governing island of Jersey, where French fishermen had sailed to in protest. French fishermen are struggling to obtain licenses allowing them to keep working in U.K. waters, including in Jersey.
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Archegos Capital is preparing for insolvency, triggered by banks’ attempts to recoup some of the $10bn they lost on its soured bets in March, the Financial Times reported. The family office run by Bill Hwang has hired restructuring advisers to assess potential legal claims from banks and to plan for a possible winding down of its operations.
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Liberty Steel Group said on Wednesday that it had appointed a committee to restructure and refinance the group after Greensill Capital, its biggest lender, filed for insolvency in March, Reuters reported. The move comes after Sanjeev Gupta’s family conglomerate GFG Alliance announced that its Australian unit had agreed terms to refinance its exposure to Greensill. Liberty Steel, which is also under the GFG umbrella, said in a statement that four new board directors would form a Restructuring and Transformation Committee (RTC) to focus on fixing or selling underperforming units.
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