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March 9, 2026 •• 24 minutes ago •• Read for 5 minutes •• Join the conversation

(Bloomberg) — Rex Greensill’s business has been unraveled at a blazing pace, leaving traces of intertwined destruction around it.

On Monday, Greensil Capital applied for control in the United Kingdom, sealing the astonishing collapse of its founder. The bank he owns in Germany was closed by regulators, the funds operating in partnership with Credit Suisse were liquidated, and his company was probably sold to Athens Holding Limited, backed by Apollo. It is in the process of breaking up at the core.

Greensil himself has lost his millionaire status, and the myriad chains involved in the collapse involve everything from investment funds to the steel industry to the UK healthcare system.

Here’s an overview of the key numbers, what happened, and what could happen next.

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Lex Greensill: With the rise of financiers, he went from a family farm in Queensland, Australia to a bank on Wall Street, and set up his own company. It provides supply chain finance to businesses and accelerates payments to suppliers in exchange for fees. Last year it planned to raise $ 7 billion worth of funding.

Learn more about Rex Green Sill

Sanjeev Gupta: Former commodity traders are sometimes referred to as the “Man of Steel,” and Gupta leads the GFG Alliance. Many of the businesses spanning steel, aluminum and renewable energy were built at a tremendous pace, spending about $ 6 billion over five years buying and refurbishing unloved metal assets. Greensill is his greatest financial backer, and the collapse of the lender forces him to seek new money.

Credit Suisse Group AG: Swiss lenders have executed a series of $ 10 billion funds that have purchased securitized loans from Greensil. It’s about reducing money and returning money to customers. Swiss asset manager GAM Holding AG has also decided to close the fund linked to Greensil. At Credit Suisse, the partnership includes an additional $ 140 million in bridge loans it provided to Greensill last year.

SoftBank Group Corp. : The Vision Fund, a Japanese financial institution that is a huge investor in tech startups, invested $ 1.5 billion in Greensil in 2019. We are currently writing down the valuation and, according to people familiar with the matter, are considering approaching zero.

background

The crisis began last summer at Bond & Credit Company, a unit of Tokio Marine Holdings, a major insurance company in Sydney. We decided not to extend Greensill’s loan coverage policy and fired a manager who played a key role in approving the business. Exacerbating the Greensill problem, at about the same time German regulator Baffin began investigating a fast-growing bank in Bremen.

BaFin was concerned that many of Greensill Bank’s assets were associated with the same source, Gupta. The investigation found fraud, such as booking a claim for a transaction by Gupta, which was accounted for as if the bank had not yet occurred. In the midst of this slow rise in pressure, SoftBank wrote down its investment in Greensil in late 2020, which has become apparent in recent weeks.

In February, pressure from the BaFin accelerated the situation as Greensill began looking for potential buyers for its exposure to Gupta. Negotiations between Athens and Apollo Global Management have begun to sell some of their assets, but the worsening situation has increased green sill supporters and investors.

read more:

Credit Suisse missed many warnings explaining supply chain finances and Greensill’s predicament before Greensill collapsed: QuickTake Lex Greensill ends the ranks of millionaires as the empire unravels To do

fall out

In Australia, Greensill lost a court battle to extend insurance that expired on March 1 to fixed income and credit companies. Without that compensation, credit quality would be questioned, asset valuations would be harsh, and Credit Suisse would freeze a fund linked to Greensil. Uncertainty. GAM followed, and on March 3, the German Financial Supervisory Authority closed the Greensill Bank to save money for depositors and creditors.

Greensill executives desperately tried to save the company as bankruptcy was imminent. But when several directors, including Rex Greensil’s brother, jumped on the ship and left the company, they couldn’t deny the panic.

There was also real-world fallout. In the UK, the National Health Service has to pay directly to pharmacies rather than relying on Greensil Capital, putting an additional burden on the pandemic-hit finances. The German municipality that had deposited money with Greensill Bank is now at risk of losing money.

In the case of Gupta, it seems that Greensill could bring down GFG. Court documents indicate that GFG has warned that it will “go bankrupt” if it loses Greensil funding. The Spanish government has already requested a division of GFG to prove that it is a solvent before being allowed to proceed with the acquisition of an aluminum plant, according to people familiar with the matter. Athene, who is in talks to buy assets related to Greensill, reportedly excluded assets linked to Gupta from the discussion.

The situation unravels multiple parts of the Gupta Empire. The Bank of England has ordered Gupta to inject £ 75m into GFG-owned Wylands Bank to return retail deposits.

Next step

Greensill: After filing for bankruptcy, negotiations with Athene continue, and court documents show that Bermuda-based pensioners are providing about $ 60 million to Greensill’s IT and intellectual property. Greensill needs to deal with fallout from BaFin’s criminal accusation.

Gupta: Greensil’s withdrawal from grace blocks the major sources of funding for the set of companies that make up his empire. Without fresh cash, it could cause problems for his business and the 35,000 people they employ in 30 countries. Gupta’s business will produce 5 million tonnes of steel in 2019 and has the capacity to produce more than 300,000 tonnes of aluminum annually. But if he is forced to raise money, it could mean a fire sale to a buyer who removes plants and cuts jobs.

Credit Suisse: This episode is another highlight of the Swiss bank’s risk policy and another blow to the already scrutinized asset management sector. Now, the fund that banks recently advertised as a success story in December is set for a long-term contraction. Investors quickly get some cash, but face long waits to see how much their assets really are worth.

Softbank: Investment giants can mark this down as a bet that didn’t work. Now note that other startups that have raised money from Greensill will be able to find a way to replace that money.

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Green sill, gupta, and fragile towers of money and metal