Surging coal prices will help the Swiss Bank recover hundreds of millions of dollars owed by US miner Bluestone Resources following the collapse of Greensill Capital but it is still pushing ahead with at least 16 insurance claims.
Surging coal prices will help Credit Suisse recover hundreds of millions of dollars owed by former Greensill Capital client Bluestone Resources, but the Swiss bank is still pushing ahead with at least 16 insurance claims.
Strong demand for coking coal this year has helped US miner Bluestone Resources pay some of the debts it owes Credit Suisse.Bluestone is one of the Swiss bank’s biggest creditors along with Sanjeev Gupta’s GFG Alliance and bankrupt US technology group Katerra. Greensill Capital bought invoices from the companies and sold them to Credit Suisse, which put them in some $US10 billion of funds that were marketed to investors.While the Swiss bank has to date recovered about $US7.3 billion of the money owed to the funds, it has been chasing about $US2.3 billion owed collectively by Bluestone, GFG and Katerra.Credit Suisse will start receiving cash payments from Bluestone this month, with 81 per cent going to investors in its supply chain finance funds.
Demand for coal has risen strongly this year, with ratings agency Fitch lifting its coking coal price forecasts for 2022 after Russia invaded Ukraine in February.
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