greensill insolvency australia

Those in the firing line include Telstra, CIMIC Group Ltd (ASX: CIM), and the Australian Rail Track Corporation (ARTC). PGF has submitted a claim for $US60.1 million, relating to a loan to the Australian company that is guaranteed by GCUK. Its offices in Sydney, Brisbane and Bundaberg did not finance clients or hold contracts with them, although some staff did originate deals in the Asia-Pacific. Greensill estimates that over 50,000 jobs including over 7,000 in Australia may be at risk.” But for Insurance Australia Limited (IAL) – which, under Greensill’s application, would have been the entity required to provide cover – the court ruled there could also be “very serious” consequences, including being exposed to claims for which it has no reinsurance cover. Eddie Hughes, the South Australian Labor MP whose seat of Giles covers the Whyalla region, said on Tuesday the official insolvency of one of Mr Gupta’s main financiers, Greensill Capital, brought new uncertainties. Australia’s longest serving treasurer has called on the Coalition to reconsider legislated increases in compulsory super contributions. (Reuters) - Troubled supply chain finance firm Greensill Capital is seeking insolvency protection in Australia, the Financial Times reported on Tuesday, after … Mr Gupta had progressively been announcing ambitious plans for the Whyalla steelworks over the past few years including a $1 billion-plus upgrade which now appears to be in tatters. Australian billionaire Lex Greensill of Greensill Capital has filed for insolvency, leaving businesses across the globe in the lurch. “While the current situation regarding Greensill is obviously unsettling and fluid, we remain buoyed by the fundamental strength of the Australia steel business,” he said. It is understood Greensill Australia employed about 40 staff, based mainly in Sydney, who were advised of their retrenchments with immediate affect yesterday. This relates to the bridging loan of $US140 million provided to Greensill last October to tide it through to a planned equity float – a loan reportedly waved through by senior Credit Suisse executives against the advice of risk managers. Australian Workers Union state secretary in South Australia, Peter Lamps, was on site at the Whyalla steelworks on March 5 talking to workers and seeking reassurance from management. Fellow advisory board member Simon McKeon, the lead Australian director of mining giant Rio Tinto, declined to comment and former foreign minister Alexander Downer could not be reached by deadline. Its exposure is in roughly equal thirds between long-term loans, short-term loans and equity. Shares in ... IAG and Greensill’s insolvency. Greensill’s main Australian company was the parent holding company, and employed only 37 of the worldwide group’s 1000-plus workers. Singapore is returning to lockdown-like conditions for a month; Australia’s first repatriation flight once the India travel ban ends will be at half capacity; Scott Morrison says Australia will pass 3 million vaccinations today. Court documents in the United Kingdom say Greensill had exposure of about $6.5 billion to GFG, which is desperately trying to stave off a domino effect on … Follow updates here. “There needs to be a plan about the future,” he said. Australian Lex Greensill’s supply finance firm filed for insolvency on Monday in London, its administrators said, days after losing investor funding and insurance coverage for its business. Visit Business Insider Australia’s homepage for more stories. That technology hadn’t been adopted by any other steelmaker outside of South Korea and some of the hardheads inside the federal government at the time became increasingly anxious about taking such a big punt, and the long time-frame of five years for it to be installed at the Whyalla plant. Britain’s call comes as PM Boris Johnson phones Scott Morrison to gee him up for a 2050 net-zero target ahead of a G7 meeting next month. In Australia, GFG employs about 6500 employees who are nervous about a potential repeat of parent company financial strife which meant the Whyalla steelworks and steel mini-mills in Sydney and Melbourne spent about 16 months in the hands of administrators after then-parent Arrium Ltd collapsed in April 2016. Telstra, construction giant CIMIC and the steelmaking town of Whyalla have all been swept up in the high-speed collapse of Australian farmer-turned-financier Lex Greensill’s global empire. “GFG and ZEN Energy came to an amicable agreement and de-merged when we learnt that we were mainly interested in different things,” Professor Garnaut said. “Legal advice was being sought as to the necessity to group income of certain overseas subsidiaries,” the administrators said. The Serious Fraud Office will investigate suspected fraud, fraudulent trading and money laundering in GFG’s financing arrangements. Grant Thornton has already started investigating whether Bundaberg-headquartered Greensill Capital Pty Ltd breached any laws. Help using this website - Accessibility statement. This means PGF can also tap the British receivables, but not until after Credit Suisse. If it receives liquidator powers at a creditors’ meeting scheduled for next Thursday, it will examine the group’s access to external funding and the solvency position of Greensill’s main UK operating business. Greensill also still owes Earnd’s sellers – which include 32 separate parties – some $8.8 million in deferred consideration related to Earnd’s sale agreement, which was executed in February just before Greensill collapsed. Abandon coal: Britain fires up new campaign for COP26 climate summit, UK fraud agency opens probe into Sanjeev Gupta’s GFG Alliance, Peter Costello warns Frydenberg over budget spending, Orica hammered by pandemic, sour Australia-China relations, Plan to turn Penfolds into Gucci starts at home. A return to creditors of Greensill Australia will depend on the size of any dividend paid by the UK administrators, which are also Grant Thornton. Unsecured creditors are in an even more insecure position. Greensill Capital’s Australian parent group is under investigation for potential insolvent trading after administrators Grant Thornton recommended it be liquidated. SoftBank is owed $1.5 billion. A number of Australian companies will face the prospect of insolvency unless watermelon farmer-turned-financier Lex Greensill gets his business affairs in order quickly. London-headquartered Greensill has sought key insolvency protections, known as “safe harbour protections”, in Australia to allow it to continue to trade in the event it is insolvent while protecting its directors from criminal liability. Follow the topics, people and companies that matter to you. Greensill Capital – which claims 10 million customers – has gone into administration. Grant Thornton’s initial investigations into “unreasonable director-related transactions” have identified several to review. The company went into administration in early March after its key insurer refused to renew a critical credit insurance policy covering the company’s massive bond issuance program. The one-year loan was made to Greensill’s Australian company, which then passed it on to the British company. The Whyalla steelworks is part of the broader GFG and Liberty businesses in Australia. The Japanese investment giant had the right to convert its loans into shares in Greensill. Peter Braig. The Australian company’s main asset is a debt of $US777.4 million ($1 billion) owed by GCUK, but this is being chased by a phalanx of secured and unsecured creditors. Grant Thornton signalled that the Australian liquidation process would have to be run in tandem with Greensill Bank’s administrators, who have won a federal court order giving them authority to deal with assets in Australia. Greensill Capital’s Australian parent group is under investigation for potential insolvent trading after administrators Grant Thornton recommended it be liquidated. Greensill’s Australian employees – who have been paid $US4.5 million of bonuses earned in 2019 – are expected to eventually recover the $2.2 million they are owed, even though they may first have to make claims with the federal government’s Fair Entitlements Guarantee scheme while Grant Thornton tries to sell off Omni. Greensill Capital, the troubled supply chain finance firm, is understood to be seeking insolvency protection in Australia after Credit Suisse suspended … Up to 7,000 Australian manufacturing jobs are at stake after financing firm Greensill filed for insolvency in the United Kingdom and Australia. Wednesday, January 6 2021 Australian businesses are bracing for a wave of insolvency when JobKeeper payments end in three months after changes to bankruptcy laws were initiated at the start of the year and border closures continue to impact employers, SkyNews.com reported. Its loans were used to inject equity into Greensill Bank and fund the broader group, with much of it being funnelled into GCUK. (Reuters) - Troubled supply chain finance firm Greensill Capital is seeking insolvency protection in Australia, the Financial Times reported on Tuesday, after Credit Suisse suspended $10 billion of funds linked to the London-based company's lending operations. The Serious Fraud Office will investigate suspected fraud, fraudulent trading and money laundering in GFG’s financing arrangements. The bank provided Greensill’s balance sheet firepower and went into a separate administration in mid-March. Greensill is now reportedly preparing to enter insolvency in Australia and the UK, as it finalises a $125 million fire sale of assets to Apollo Global Management. The Infrabuild business, comprising two mini steel mills at Rooty Hill in outer Sydney and Laverton on Melbourne’s outskirts, along with a steel products distribution network and a steel recycling business, has a workforce of 5000 people. Ross Garnaut, whose ZEN Energy business was split out from Mr Gupta’s GFG Alliance in August last year under a demerger, said on Tuesday that deal had been part of an amicable arrangement because ZEN Energy was focusing on segments including the third-party retail business and development projects. Video: Up to 7,000 Australian jobs at stake following Greensill insolvency (Sky News Australia) Up to 7,000 Australian jobs at stake following Greensill insolvency Sky News Australia … London-headquartered Greensill has sought key insolvency protections, known as “safe harbour protections”, in Australia to allow it to continue to trade in the event it is insolvent while protecting its directors from criminal liability. Sanjeev Gupta’s GFG Alliance is manoeuvring for some extra time to try to hammer out billions of dollars of replacement funding for its teetering global steel and manufacturing empire, which includes the Whyalla steelworks in South Australia, following the insolvency of main financier Greensill Capital. Follow the topics, people and companies that matter to you. Greensill cited a $5 billion exposure to GFG Alliance when it filed for bankruptcy protection in Australia and Britain in March, a source familiar with the matter said on condition of anonymity. “We stress, however, that pursuing such a claim is a complex and costly process with no guarantee of recovery.”. Greensill Australia owes some $4.9 billion in total to creditors, has just $4 million in the bank and its remaining four staff (after 33 others were laid off) are operating out of a WeWork office, which is costing $4000 a month. Britain’s call comes as PM Boris Johnson phones Scott Morrison to gee him up for a 2050 net-zero target ahead of a G7 meeting next month. Fairfax. “Our members have worked extremely hard to get these steel operations humming and profitable and they don’t deserve to be swept up in all this,” he said. Mr Hughes said the Federal government and the South Australian government may need to become involved to ensure a long-term future was mapped out, particularly as the COVID-19 pandemic underlined the importance of an Australian manufacturing sector. However, at this stage we are not in possession of sufficient documentation to confirm,” the report said. As previously reported, Greensill was a supply-chain debt provider. But other creditors – including Credit Suisse, the Association of German Banks, SoftBank and Peter Greensill – will have to wait for the much slower British insolvency process to find out what, if anything, they will get back. Lex Greensill’s Australian company has as much as $4.9 billion of debt. Greensill estimates that over 50,000 jobs including over 7000 in Australia may be at risk.” It was not immediately clear which Australian companies are at risk of insolvency. Follow updates here. Singapore is returning to lockdown-like conditions for a month; Australia’s first repatriation flight once the India travel ban ends will be at half capacity; Scott Morrison says Australia will pass 3 million vaccinations today. The Association of German Banks has one of the biggest claims, totalling €2 billion ($3.2 billion), which relates to refunds of depositors in the defunct Greensill Bank. Greensill Capital is considering filing for insolvency after Credit Suisse Group froze $US10 billion ($12.9 billion) worth of investment funds that the trade finance firm had relied on as buyers of the debt securities it issues. It is hoping to sell Greensill’s Latin American subsidiary Omni, which mostly operates in Colombia and Chile, despite “severe” impacts on Omni’s brand and reputation from Greensill’s collapse. An unanticipated problem was encountered, check back soon and try again They must submit a report to creditors by the first week of May. Greensill, founded by Bundaberg farmer turned investment banker and AFR Rich Lister Lex Greensill in 2011, offered supply-chain finance and loans to its customers, based on invoices those businesses owed or were owed. 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Mr Lamps said on Tuesday the union always had heightened concerns “when these sorts of money issues arise”, but reiterated that the underlying business in Whyalla was in a better position than in 2016 when parent company Arrium Ltd collapsed and was put into administration. That helped defray an $US2.5 million intracompany debt owed by Earnd to Greensill Australia, with Earnd’s shares valued at the nominal sum of just $1. They noted the company was highly illiquid, but this reflected that its financial exposures to Japan’s Softbank and Greensill Capital UK (GCUK) were not immediately repayable. Omni was sold to Greensill for $US13.6 million in mid-2020 but as of January, was carrying losses and Omni’s former owners are planning to claim around $US5.9 million for deferred payments struck as part of their sale transaction. The firm has internally discussed filing for insolvency within days, according to people briefed on the matter. The administrators found payments worth around $US174 million, described as “proceeds PG Family Trust,” that were transferred out of Greensill Capital Pty Ltd. “Management have indicated that these transactions in part relate to the sale of shares by Peter Greensill. Professor Garnaut declined to comment on the broader issues at Greensill and GFG. This is a contingent claim and could be reduced by the process of winding up the German bank, which could recover money from borrowers and insurance policies. The Insurance Australia Group Ltd share price is on a roller coaster today. When Greensill’s Australian parent filed its most recent annual report with regulators, for the year ending December 2019, it had nine directors, including Lex Greensill and his brother Peter. Australia’s longest serving treasurer has called on the Coalition to reconsider legislated increases in compulsory super contributions. All of those directors, with the exception of Greenhill and Gabriel Caillaux, resigned from the board in February and early March before Greensill filed for insolvency on March 8. Grant Thornton is advising the group. Earnd’s sale to British company Wagestream was slammed through in just one week to prevent the business going under, and reaped almost $1.9 million. Without the insurance – and with Germany’s financial regulator expressing concern about some of the credits underlying the bonds – Swiss financial giant Credit Suisse would no longer buy Greensill paper, collapsing the company’s funding model. It comes as Greensill’s creditors this week voted to liquidate the financier’s Australian operations, which has debts estimated at $4.9bn. It has also sought protection from Australia’s insolvency regime. The largest secured creditor is Credit Suisse, which is owed $117.3 million. By an earlier creditors’ agreement, the Credit Suisse loan takes priority over the next secured creditor, which is Peter Greensill Family Co Pty Ltd (PGF), owed $78.5 million. insolvency of main financier Greensill Capital. 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While Greensill is mostly based in London it is exploring “safe harbour” insolvency protection in Australia, according to the Financial Times. The Whyalla steelworks, about 400 km north of Adelaide, employs 1500 people. Can Sanjeev Gupta escape the crisis engulfing his business? The South Australian Liberal Government led by Premier Steven Marshall is closely scrutinising the situation and was scheduled to hold a phone hook-up with key players late on Tuesday afternoon. At the same time, Bluestone, which is owned by West Virginia’s billionaire governor Jim Justice, is also suing Greensill in New York, alleging fraud. Grant Thornton has already squeezed $1.9 million out of the sale of Greensill payroll finance subsidiary Earnd, and has flogged about $9000 worth of furniture and fixtures from the Bundaberg office. Greensill Capital is locked in talks with Apollo about a potential rescue deal, involving the sale of certain assets and operations. Credit Suisse has appointed receivers who extracted $US50 million from a GCUK bank account over which they held security. The concerns focused particularly on the extent and nature of Greensill’s exposure to GFG Alliance, the opaquely-financed steel, aluminium and energy empire of British billionaire Sanjeev Gupta. Peter Greensill, who has sat on the board since 2011, is pursuing $US125,000 ($161,000) in unpaid directors’ fees, but Grant Thornton said his claim “has not been substantiated”. Most of the debt raised by the Australian group was through convertible loan notes, which should convert to equity but didn’t – meaning Greensill retained the debt and needed cash from its UK business to keep paying it off. The company begged for a financial lifeline of more than $300m from … Grant Thornton said there was a “variance” of $US108.1 million between Greensill’s financial books and the initial convertible loan note agreements with Softbank. Credit Suisse can also further reduce the debt through its security rights over GCUK’s receivables, so it may reduce its claim on the Australian company after getting satisfaction from the British subsidiary. Mr Walton said the AWU was in regular contact with GFG management and it was a situation which would likely play out over several weeks, given the complexities involved. Credit Suisse, which was a key source of funding for the speciality finance firm, selling securities created by Greensill to investors via its asset management arm, is … Court documents in the United Kingdom say Greensill had exposure of about $6.5 billion to GFG, which is desperately trying to stave off a domino effect on its own operations, encompassing Europe, the United Kingdom and Australia. GFG was anointed the successful bidder in July 2017 by administrators KordaMentha, elbowing out private equity group Newlake, which hadn’t done a deal in the steel sector previously and intended using FINEX steel-making technology from Korean steelmaker POSCO. The administrators said it did not appear that the Australian group had been insolvent from a balance sheet perspective for any length of time before they were appointed, but said they needed to do detailed investigations examining whether it traded insolvent from a cash flow perspective. “An insolvent trading claim against the company’s directors for the estimated loss could be made by a liquidator if the company is wound up at the forthcoming meeting,” Grant Thornton said in a 91-page report on Greensill’s collapse. But the sale process is being run out of Latin America and the administrators don’t know how much, if any, cash they will recover. But he said the fundamentals of the operations were on a solid footing, and with the associated iron ore mining operations in the Middleback Ranges near Whyalla and the strong iron ore prices being fetched for exports, it was in a better position than five years ago. GFG is using restructuring and insolvency firm EY to help it navigate the crisis. Because Greensill Australia’s main role was to funnel money into the operating businesses in Britain and Germany, its assets are tied up in the parallel administration processes taking place for Greensill’s UK operations and Bremen-based Greensill Bank. As reported by The Australian Financial Review (AFR), the barrage has fallen on Greensill’s clients. Observers said ZEN Energy would escape being caught up in the fallout of the Greensill Capital insolvency and any knock-on impact to GFG’s operations. “Profitability is strong and global prospects are good, which is a very different situation to the Arrium crisis of 2016,” Mr Walton said. 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