{"id":119446,"date":"2021-08-06T12:15:45","date_gmt":"2021-08-06T12:15:45","guid":{"rendered":"https:\/\/fin2me.com\/?p=119446"},"modified":"2021-08-06T12:15:45","modified_gmt":"2021-08-06T12:15:45","slug":"credit-suisse-to-repay-another-400-million-to-greensill-linked-fund-investors","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/credit-suisse-to-repay-another-400-million-to-greensill-linked-fund-investors\/","title":{"rendered":"Credit Suisse to repay another $400 million to Greensill-linked fund investors"},"content":{"rendered":"
Slideshow ( 2 images )<\/span><\/figcaption>

ZURICH (Reuters) – Credit Suisse will repay another $400 million to investors in its Greensill-linked supply chain finance funds, the Swiss bank said on Friday.<\/p>\n

The payout, planned for Friday, is the fourth distribution so far and takes the total amount returned to investors to roughly $5.9 billion.<\/p>\n

Together with the cash that has already been distributed and cash remaining in the funds, the cash position is equivalent to approximately $6.6 billion or 66% of the funds\u2019 assets under management at the time of their suspension, the bank added.<\/p>\n

The collapse of the funds in March kicked off a tumultuous period for the bank, culminating with a multi-billion dollar loss related to investment fund Archegos, a raft of executive oustings and an impending strategic overhaul.<\/p>\n

In March and April 2021, $4.8 billion was returned to investors in two installments, while another $750 million was returned to investors in July.<\/p>\n

\u201cLiquidation proceeds will be distributed as soon as feasible until the investors receive the funds\u2019 total net collected liquidation proceeds,\u201d Credit Suisse\u2019s\u2019 asset management arm said on Friday.<\/p>\n

\u201cInvestors will receive notification of these payments. Management fees are waived with immediate effect.\u201d<\/p>\n

The bank said it was continuing to work on liquidating the assets of the four outstanding funds as the receivables mature, although it warned that investors in the Supply Chain Finance Funds may suffer losses.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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