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Lex Greensill: Credit Suisse liquidates $US10 billion funds – The Australian Financial Review

After gating four funds that were the lifeblood of Greensill’s now-collapsing $6 billion empire on Monday, the Swiss funds giant will wind them down.

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Credit Suisses move came as Mr Greensill looked to complete a rapid fire-sale of his eponymous companys assets and operations to US private-equity giant Apollo Global Management, hoping to avoid a rash of insolvencies among businesses dependent on Greensill finance.
Greensills business involved lending to client companies, using invoices they are owed as security; and also paying a clients suppliers upfront before collecting the money from the client later.
This put Greensill in charge of large…

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