The Swiss bank hopes to extract money from GFG to make up for losses from its Greensill funds. A court decision gives the British steel tycoon a breather.
A London court decided to hold a first hearing between Sanjeev Gupta and Credit Suisse (CS) in March, «Bloomberg» reported on Friday. This means it will take another six months before CS can go after Gupta's business assets.
The Zurich-based lender still hopes that it will be able to repay its clients who have suffered losses from the bank’s supply chain fund blow up, partly caused by the fund’s heavy exposure to Gupta's GFG Alliance Group.
Before agreeing to a standstill, CS had taken steps against Gupta's companies, demanding that some be liquidated. The current extension gives Gupta time to find financing to keep his alliance afloat.
