Greensill Capital planning to file for insolvency in U.K. this week

Link: https://www.marketwatch.com/story/greensill-capital-planning-to-file-for-insolvency-in-u-k-this-week-11614789098

Excerpt:

Embattled financial startup Greensill Capital plans to file for insolvency in the U.K. this week, as it simultaneously moved toward a deal to sell its operating business to Apollo Global Management APO, -1.69%, according to people familiar with the matter.

The deal with Apollo, which could be struck by the end of the week, would be part of a Greensill insolvency, similar to the U.S. bankruptcy process, the people said.

The Wall Street Journal previously reported the two sides were in talks for a deal that would pay Greensill around $100 million. Through the acquisition Apollo would take over Greensill’s core operations and inherit clients that generate around $7 billion in assets, according to the people familiar with the matter.

Author(s): Julie Steinberg and Ben Dummett

Publication Date: 3 March 2021

Publication Site: MarketWatch