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3/3, 12:19 PM (Source: TeleTrader)
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Report: Greensill to file for insolvency

Greensill Capital is preparing to file for insolvency after Credit Suisse Group AG and GAM Investments pulled funding over concerns about the firm's real valuation, the Financial Times reported on Wednesday.

According to the filing seen by the newspaper, Greensill reached an agreement with Apollo Global Management to sell parts of its business worth approximately $100 million.

Meanwhile, the supply-chain finance firm's banking subsidiary in Germany was reportedly placed yesterday under the control of financial watchdog Federal Financial Supervisory Authority.

Breaking the News / MD