Swiss bank Credit Suisse has filed insurance claims related to over $1.1 billion in exposure across two of its Greensill-linked supply chain finance funds, as the bank works to recover $10 billion in funds linked to the insolvent financial services company.
Greensill, which specialises in supply-chain finance, filed for administration last year after warning that it is in “severe financial distress” and unable to repay a $140 million loan to Credit Suisse.
It came after the financial services firm lost insurance coverage for its debt repackaging business and said that its largest client, GFG Alliance, had started to default on its debts.
