Metalcorp hit with London Greensill suit as it restructures debt
Metalcorp Group was sued by the administrators of Greensill Capital (UK), as the metals and minerals group attempts to restructure its debts.
Greensill, which spectacularly collapsed into insolvency more than two years ago, filed a suit against the Luxembourg-based firm at the UK High Court this week. There is no further publicly available information on the case.
Metalcorp, a subsidiary of natural-resources company Monaco Resources Group SAM, was a customer of Greensill before it collapsed, with some of the debt sold onto funds that were run by Credit Suisse, according to fund documents published in 2020.
A spokesperson for Grant Thornton, the administrators of Greensill’s UK unit, declined to comment. A request for comment to Metalcorp’s investor relations email on Thursday didn’t receive a response.
Metalcorp has been in talks to restructure its debt since October, when it failed to repay €70-million ($76-million) of maturing bonds. In June the company said that some noteholders had agreed to amendments to the debt including an extended maturity date and swapping outstanding notes for new instruments.
Greensill collapsed in 2021, having packaged billions of dollars worth of loans from companies and sold them onto investors. Chief among its backers was Credit Suisse, and Greensill was a key ingredient in the crisis of confidence that saw it rescued by Swiss rival UBS Group last year.
Grant Thornton has been working to recover on debts owed by Greensill’s borrowers to the firm and end investors. $17.7-billion was owed on assets packaged by Greensill in March 2021, and $8.3 billion of that remains unpaid as of April, according to a the administrator’s report.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
SafeQuip is a leading distributor and manufacturer of fire safety solutions, offering a comprehensive range of products designed to meet all...
VISIT SHOWROOM
Established in 1933, EKATO is the world leader in agitation technology, supplying agitators for processes and applications such as chemicals and...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
