Credit Suisse to Wind Down Frozen Greensill-Linked Funds
- Bank will start making payments to investors from next week
- The funds have about $3.7 billion in cash, bank has indicated
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Credit Suisse Group AG plans to wind down a $10 billion group of supply chain finance funds linked to financier Lex Greensill that it suspended this week because of valuation concerns.
The Swiss bank said it will make the first payments to investors -- amounting to approximately 80% of the available cash and cash equivalents -- on Monday for the Luxembourg-domiciled funds and later next week for the Liechtenstein-domiciled fund, according to a statement on Friday.