A Credit Suisse Group bank branch in Zurich, Switzerland. Picture: BLOOMBERG/STEFAN WERMUTH
The August 6 payment takes the total paid to investors in the funds to about $5.9bn, according to an updated question-and-answer entry on the bank’s website on Tuesday. The funds’ total cash position is about $7bn, or about 70% of assets under management when they were suspended, it said. The bank had indicated that it expected to make a fourth payment to Greensill investors at the time of second quarter earnings on July 29.
Credit Suisse is seeking to recover $2.5bn of overdue loan payments. The lender started talks with Sanjeev Gupta’s GFG Alliance for the restructuring and refinancing of assets in the US and UK, and there are advanced negotiations for GFG’s Australian businesses, according to the Q&A.
Source: News Formal (newsformal.com)
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