Sanjeev Gupta’s GFG Alliance has not yet paid any of the $900 million it owes to collapsed supply chain finance firm Greensill Capital despite another debt deal in March, British administrators say.
The most recent agreement would include lump sum and “bullet” repayments, administrator Grant Thornton said in a report filed with British regulators on Sunday. Credit Suisse had also signed non-binding documents with GFG to try to recover monies owed. But while GFG has repaid debts to Credit Suisse linked to its Australian operations, it still owes about $1.4 billion on debts linked to other entities.In January, Credit Suisse said a proposed date for GFG to make an upfront cash payment had passed without any money being paid and that it was “considering all options to maximise investor returns”.