Greensill Capital selects White Oak as winning bidder for Finacity

By Sarah Lizee

Olympia, Wash., July 8 – Greensill Capital Inc. has named White Oak Global Advisors, LLC as winning bidder for its 100% ownership interests in Finacity Corp., according to a notice filed Thursday with the U.S. Bankruptcy Court for the Southern District of New York.

The purchase price was not disclosed in the note. The company said it intends to file a purchase agreement with the court soon.

As previously reported, the company had entered into a stalking horse agreement with the founder and current chief executive officer of Finacity. The stalking horse purchase agreement provided for total consideration of about $24 million, consisting of $3 million in cash and the release of all liabilities stemming from the earn-out payments, against the debtor and the guarantors, and of all other claims held by the stalking horse bidder against the debtor, which if allowed in their full amounts could have aggregated to more than $21 million in general unsecured claims against the debtor’s estate.

“The transaction contemplated by the stalking horse purchase agreement is therefore also beneficial in that it serves to simplify and resolve potential unsecured claims against the debtor,” the company had said in its motion.

The stalking horse agreement included a 2% breakup fee and an up to $100,000 expense reimbursement.

New York-based Greensill Capital is the U.S. arm of Greensill Capital Management, a financial services company. Greensill Capital filed bankruptcy on March 25 under Chapter 11 case number 21-10561.

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