Credit Suisse and West Virginia governor Jim Justice are close to a settlement over $690mn the US politician’s mining company Bluestone Resources owes the Swiss bank’s clients, according to people familiar with the matter. Bluestone borrowed heavily from Greensill Capital, the failed UK supply chain finance firm that relied on some of Credit Suisse’s wealthiest clients for a significant chunk of its own funding.
(Bloomberg) -- Credit Suisse Group AG is heading for a court battle with Sanjeev Gupta’s GFG Alliance after talks over more than a billion dollars in debts to the bank stalled.Most Read from BloombergMarcos Jr. Leads With 61% of Votes Counted: Philippines UpdateStocks Sink to 13-Month Low as U.S. Curve Steepens: Markets WrapDay Trader Army Loses All the Money It Made in Meme-Stock EraPhilippine Stocks Fall as Traders Weigh Marcos Win, Global RoutRussian Envoy to Poland Hit With Red Paint in War
Credit Suisse has pulled out of settlement negotiations with Sanjeev Gupta’s GFG Alliance, forcing the start of insolvency hearings in a UK court on Tuesday, according to people with knowledge of the process. Gupta has spent more than a year trying to head off legal action intended to force parts of his metals empire out of business over unpaid debts after the collapse of specialist finance firm Greensill Capital last March.