Credit Suisse, Gupta Legal Fight Delayed as Tycoon Seeks Funding
Credit Suisse Group AG’s London legal battle with Sanjeev Gupta was delayed by another six months, as the metals tycoon continues to seek funding for his empire.
An initial hearing over the bank’s attempt to push some of
Gupta’s companies into insolvency has been rescheduled to March by consent
between the parties, a court official said by email. Earlier this year, the
Swiss lender, through Citibank, filed “winding-up petitions” against a number
of companies in Gupta’s GFG Alliance Group, including Liberty Commodities Ltd.
The reprieve allows Gupta more time to secure the survival
of his corporate empire, after his biggest lender Greensill Capital collapsed
into insolvency earlier this year. Gupta and GFG have been searching for new
financing while simultaneously trying to persuade his existing lenders to hold
off.
In July, GFG secured a deal with Glencore Plc to refinance
the debt on its aluminum assets, though the group still faces a legal challenge
from creditor American Industrial Partners. Gupta’s also been in talks with
White Oak Global Advisors for loans to some of his European and Australian units.
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