Zurich (awp) – The banking group Credit Suisse announced on Friday the conclusion of an agreement with the Canadian mining company Bluestone Resources. The latter provides for a payment plan of up to 320 million dollars, out of a total of 850 million claimed.
Bluestone has pledged to make recurring cash payments to its creditors, including supply chain finance (SCF) funds linked to UK factoring firm Greensill, which can then be redistributed to investors in those funds. , said the bank with two sails on Friday in a press release.
The payments will be shared between the various creditors, but 81% should fall into the hands of Credit Suisse, or just over $250 million. The agreement remains subject to the “fulfillment of certain conditions precedent” and customary regulatory approvals.
Bluestone’s Chief Executive Officer (CEO), James Justice, has also agreed that the proceeds of any sale of an entity in his group will be divided between his family and the creditors. Credit Suisse intends to recover the outstanding balance by asserting its rights through insurance, where claims filed total a nominal amount of $850 million.
“To date, we have recovered $7.3 billion of the total net asset value of $10 billion at the time of the (Greensill) funds suspension and this agreement is intended to secure further recoveries for the benefit of these investors”, welcomed Ulrich Körner, managing director (CEO) of the asset management subsidiary of Credit Suisse, quoted in the press release.
Anticipating a possible agreement, the Financial Times had estimated in mid-May that the number two Swiss bank could receive some 690 million dollars.
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