White Oak is named in a list of creditors and counterparties in US bankruptcy court filings by German Greensill Bank administrator Michael Frege in attempts to be recognized as a “foreign main proceeding” and ensure control of the bank’s US assets. A hearing will be held in New York on May 12.
German directors and prosecutors reacted swiftly to Greensill Bank, a direct subsidiary of the Australian parent company of Greensill Capital, upon its liquidation.
Bremen prosecutors, who are investigating whether the bank can prove the existence of debts it bought from GFG, raided the offices and homes of former Greensill bankers last week, according to Reuters.
The main activity of the Bremen-based bank, which had 137 employees in Germany, was to purchase receivables from international trade finance transactions through the UK operations of Greensill Capital, which it financed with billions of dollars of deposits received from bank customers.
Other groups cited in Greensill Bank court filings include coal miner Bluestone Resources, which is suing Greensill; food company Cargill; the electricity suppliers Xcel Energy and NRG Energy; steelmakers like ArcelorMittal USA and Nippon Steel North America; and the streaming service Netflix as well as Amazon Digital Services.
Many of these companies, including Bluestone Resources, Cargill, NRG Energy, ArcelorMittal, NipponSteel and Amazon, are listed as the underlying entities of the receivables held in Credit Suisse supply chain funds that have been aggregated into securities. by Greensill Capital.
The privately held Cargill owns a large trading and capital markets firm that provides trade finance to its business partners, including suppliers and buyers.
This includes structured trade finance which provides financing to “financial institutions and businesses based in emerging markets,” Cargill said in the jobs postings.
Greensill Bank’s Australian and UK assets have already been frozen after Mr Frege obtained legal approvals in early April to prevent their sale, escalating the war on Greensill Capital’s assets, including invoices owed by GFG.
Separate court documents listing the creditors of the US firm of Greensill Capital show the Peter Greensill Family Trust, to which Greensill’s Australian parent company owes $ 78 million, is represented by Brisbane-based restructuring specialist Scott Butler, partner at Hall law firm & Willcox.
Mr Butler, who chairs the Insolvency and Restructuring Committee of the Law Council of Australia, confirmed The Australian Financial Review that he had been retained by the Peter Greensill Family Trust.
Peter Greensill is the brother of Lex Greensill and Lex Greensill is a beneficiary of the trust.