(Bloomberg) — Lex Greensill’s multi-billion dollar empire was left reeling after it lost a key source of funding and his biggest backer signaled doubts about the value of his namesake trade finance business.
Credit Suisse Group AG on Monday froze a group of supply-chain-finance funds that it ran with help of the financier, citing “considerable uncertainty” about the valuations of some of the holdings. The funds combined held about $10 billion in assets, most of it in Greensill-sourced securities.
Separately, SoftBank Group Corp.’s Vision Fund has substantially written down its $1.5 billion holding in Greensill Capital, and is considering dropping the valuation to close to zero, according to people familiar with the matter. The writedown occurred at the end of last year, said one person.
The firm is now fighting for its survival, according to Dow Jones, which reported that Greensill could file for insolvency within days. It’s simultaneously in