Nouvelles
Credit Suisse Supply Chain Finance Funds: Update on Recovery in the Focus Areas
21 octobre 2021
Nouvelles
21 octobre 2021
Last week, GFG Alliance issued a wide-ranging statement in relation to progress on the restructuring and refinancing of its global businesses. This related in part to the debt restructuring of its Australian operations, which was negotiated with Credit Suisse Asset Management.
This is good news for investors in the SCF funds and is evidence that assets can be recovered from the “focus areas”; however, our preference has been to wait until aspects of the agreement have been fully executed before communicating formally on the matter.
We can confirm that we are now in receipt of the agreed upfront payment of AUD 129m, and we expect to receive further payments on a monthly basis until the remaining principal of AUD 240m, including interest, has been recovered – by mid-2023 at the latest.
We continue to work hard on recovery, and will seek to make a sixth cash distribution in due course. In the meantime, in addition to the monthly Q&A and portfolio updates, we will inform you about further developments with respect to recovery as and when they are formalised and fully executed.