Home / News / Europe / Citigroup sues for bankruptcy in London court against Sanjeev Gupta's companies - Financial Times

Citigroup sues for bankruptcy in London court against Sanjeev Gupta's companies - Financial Times

Europe / Business and Finance

American investors demand to declare some of the companies of the British metallurgical magnate insolvent and start bankruptcy proceedings.

Citigroup sues for bankruptcy in London court against Sanjeev Gupta's companies - Financial Times

The US investment bank Citigroup has filed numerous claims in the London insolvency court against some of the raw materials and industrial enterprises of the metallurgical tycoon Sanjeev Gupta, writes Wednesday Financial Times edition.

Creditors may go to court to close the company that owes them money, in accordance with UK law, the report said. In addition, creditors may require a forced sale of assets to pay off debt.

The court rejected the Financial Times' request to confirm the existence of cases or release details, stating that, under rules introduced last year, liquidation petitions are private until they are considered in court. This process can take several weeks.

Credit Suisse supply chain finance investors have approximately $ 1.3 billion in GFG Alliance Gupta's metals and raw materials business, according to documents reviewed by the Financial Times.

Citi is the trustee of the bondholders sold by the bankrupt finance company Greensill Capital. Greensill resold Gupta's debts to various investors.

Swiss bank Credit Suisse, which has invested $ 10 billion of its clients in Greensill investment products, is one of the main investors in these bonds.

As a reminder, this week the UK government Rejected Sanjeev Gupta's request for £ 170m in emergency financial aid, fearing that UK taxpayer funds could be used to pay off GFG Alliance debts in other countries.

Subsidiary of GFG Alliance, Liberty Steel UK said on Tuesday it will resume production next week at its UK plants shut down two weeks ago, despite insufficient funding for raw material supplies.

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