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Credit Suisse may sue SoftBank over Greensill debt reporting documents

The logo of the Swiss bank Credit Suisse is seen in Bern
The logo of Swiss bank Credit Suisse is seen at its branch office in Bern, Switzerland on October 28, 2020. REUTERS / Arnd Wiegmann

December 24, 2021

By Contractor Sabahatjahan and Brenna Hughes Neghaiwi

(Reuters) – Credit Suisse is seeking information through US courts that could lead to it suing in the UK against SoftBank Group Corp to recover funds it says are owed by banks. supply chain finance fund linked to Greensill, US court documents show.

Switzerland’s second-largest bank has been working to recover capital following the collapse of $10 billion linked to insolvent supply chain finance firm Greensill.

Credit Suisse declined to comment, while SoftBank did not immediately respond to a request for comment.

The Swiss bank is focusing on around $2.3 billion in loans provided by Greensill, which happened in March, to three partners including SoftBank-backed Katerra, which has already accumulated funds late payment.

Katerra filed for bankruptcy in June, and has an estimated $1 billion to $10 billion in debt and $500 million to $1 billion in assets, according to court filings at the time.

In a lawsuit filed in US federal court in San Francisco on Thursday, Credit Suisse is seeking information it says will support a lawsuit it plans to file against SoftBank and its subsidiaries. another in the UK for more than $440 million, which they say is owed to Katerra.

“The documents for which the Subpoena is concerned relate to a tentative UK court proceeding against, among other likely parties, SoftBank Group Corp and several of its affiliates including SoftBank Vision Fund LP, SoftBank Vision Fund II-2 LP, SVF Abode (Cayman) Limited, SVF II Abode (Cayman) Limited and SVF Habitat (Cayman) Limited,” the bank’s attorney said in the filing.

Credit Suisse on Thursday filed section 1782 Discovery, seeking documents and communications exchanged between SoftBank and Katerra. This statute allows foreign parties to apply to the courts of the United States for evidence to be used in the proceedings.

The Swiss bank is seeking to establish what SoftBank executives, including chairman and chief executive Masayoshi Son, know about Katerra’s restructuring plans by subpoenaing documents through the courts. USA.

The Financial Times first reported on the move on Friday.

(Reporting by Contractor Sabahatjahan, Brenna Hughes Neghaiwi and Nate Raymond; Editing by Alexander Smith)

https://www.oann.com/credit-suisse-may-take-legal-action-against-softbank-over-greensill-debt-court-document/?utm_source=rss&utm_medium=rss&utm_campaign=credit-suisse-may-take-legal-action-against-softbank-over-greensill-debt-court-document Credit Suisse may sue SoftBank over Greensill debt reporting documents

Bobby Allyn

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