50,000 Jobs On The Line As Greensill Teeters On The Brink Of Collapse

Tens of thousands of jobs are on the line as supply chain financier Greensill Capital teeters on the brink of insolvency

As one of the world’s largest supply chain financiers, Greensill Capital lends money to large companies, which these companies then use to make early payments to smaller suppliers in exchange for a marginal discount.

Greensill then pockets some of the discount and packages the loans into short-term bonds for sale through investor funds, using the higher credit rating of the big customer.

But for months — at least eight — Greensill has struggled to renew critical insurance cover on these loans, and remarkably only sought legal advice about the issue this week. Read more…..


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