Greensill Capital gets 90-day exclusivity extension to complete sale

By Sarah Lizee

Olympia, Wash., Aug. 17 – Greensill Capital Inc. received a 90-day extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to an order filed Tuesday with the U.S. Bankruptcy Court for the Southern District of New York.

Specifically, the court extended the plan filing period through Oct. 21 and the solicitation period through Dec. 20.

The company said in its motion that it is actively working to negotiate and finalize the documentation to close the sale of its Finacity assets.

“Closing the proposed sale is a key step toward resolving the Chapter 11 case because the Finacity equity is not only a key source of recovery for the debtor’s creditors, but will also provide funding towards a Chapter 11 plan and the formation of a litigation trust,” the company said.

The company said it expects to be able to propose a Chapter 11 plan shortly after approval of the sale.

Greensill said it is engaged in discussions with the advisers for the official committee of unsecured creditors committee, the administrators, and some other parties, regarding a potential global resolution of the Chapter 11 case that will allow the debtor of propose and confirm a Chapter 11 plan.

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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