Credit Suisse makes further progress repatriating client money from blocked Greensill funds, but billions remain on ice.
Credit Suisse liquidated additional assets from Credit Suisse Greensill funds blocked since March 2021. According to an announcement Monday, about $200 million will be returned to fund clients on June 7, with some $82 million coming from the Luxembourg-based Supply Chain Finance Fund and another $118 million from the Supply Chain Finance High Income Fund.
With those payouts, the total of assets repatriated since the forced closure of the funds amounts to $7 billion. Still, more than three billion dollars remain blocked, particularly from defaulting debtors. There has been little significant progress in liquidating those assets in recent months.
The statement went on to say that further proceeds from liquidated funds will be paid to investors as soon as it's feasible and could be in one or more installments
Earlier today UBS, announced all Credit Suisse shares will be converted into UBS securities as early as June 12, officially completing the merger. With that, UBS inherits the Greensill debacle in connection with the transaction and has made additional provisions for legal risks for four billion dollars, which is more than Credit Suisse's purchase price of three billion Swiss francs.
