Business
Greensill’s Australian arm headed for liquidation owing $1.75 billion – Sydney Morning Herald
Administrators told the first meeting of creditors that no ‘rescue package’ or deed of company arrangement had been put forward to save the group from liquidation….
The liquidation of Greensill could spell disaster for the groups largest client, steel tycoon Sanjeev Gupta and his GFG Alliance group of companies. A spokesman for GFG Alliance declined to comment. Representatives from the group did not attend the meeting. Mr Guptas biggest Australian asset is the Whyalla steel mills.
Greensill, which specialises in a controversial service known as supply chain financing, collapsed after its key backer Credit Suisse withdrew financial support after Greensills Australian…
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