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Greensill Approved to Sell Finacity Unit to White Oak Global

Aug. 17, 2021, 4:28 PM

Greensill Capital’s bankrupt U.S. unit won court approval to sell its Finacity Corp. business to White Oak Global Advisors for $7 million after reaching a deal with unsecured creditors.

The transaction includes an agreement with Finacity founder Adrian Katz, who dropped demands for $21.2 million in payments related to Greensill’s purchase of Finacity in 2019. In return, the bankrupt U.S. unit will not try to sue Katz or certain other insiders for their role in the deal.

Greensill is shedding Finacity to raise money for creditors just two years after acquiring the business.

“The companies never really accomplished ...