Greensill Files for U.K. Insolvency After Swift Unraveling (2)

Greensill Capital filed for administration in the U.K., capping a stunning collapse for the supply-chain finance company after key backers walked away over concerns about the valuation of its assets.

A hearing was held in London on Monday to review the submission, according to court documents. Lex Greensill’s eponymous company had been readying the filing since last week, after Credit Suisse Group AG froze and then later started winding down $10 billion of funds that bought products from Greensill. That decision set off a chain of events that also saw regulators in Germany shut down its local bank.

Lex Greensill

Source: Greensill Capital