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Greensill files for administration and warns of GFG 'defaults'

SoftBank-banked finance group cannot repay Credit Suisse loan, lawyers say

Greensill Bank in Bremen: Greensill's filing for administration marks the latest stage of the unravelling of a SoftBank-backed company with operations that extend from the UK to Australia.   © Reuters

LONDON (Financial Times) -- Greensill Capital has filed for administration, warning it is in "severe financial distress", unable to repay a $140 million loan to Credit Suisse and hit by "defaults" from its key customer GFG Alliance.

Lawyers for Greensill appeared before a UK court on Monday in a move that potentially paves the way for the US private equity group Apollo Global Management to buy parts of the ailing business.

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