Greensill’s Bankrupt U.S. Unit Gets Liquidation Plan Approved

Greensill Capital’s U.S. subsidiary won approval to wind down in bankruptcy by creating a liquidation trust that will pursue legal claims over more than $65 million in transferred funds.

Greensill Capital Inc.'s Chapter 11 plan, approved at a hearing Tuesday, stems from a $7 million sale of its Finacity Corp. business to White Oak Global Advisors LLC.

Prior to the plan, the company also reached a global settlement with its U.K.-based affiliates over a $53 million intercompany loan. The deal gives general unsecured creditors a right to recover ahead of the U.K.-based affiliates that hold claims tied to the loan. ...