In March 2021, GFG Alliance was struggling to secure new financing after the collapse of one of its lenders, Greensill Capital.
[5] On 31 March Credit Suisse began insolvency proceedings against Liberty Commodities Limited, a GFG subsidiary, at a London court.
[7] According to The Wall Street Journal, Credit Suisse would face difficulties in recouping the funds, as Greensill had split up loans backing the funds' investments (including loans granted to GFG Alliance) into a double trust structure.
[12] GFG Alliance was Greensill’s biggest client and it was reported at the time of the collapse that it had an exposure totalling $5bn.
[13] In April 2024, Grant Thornton, the administrators for Greensill, published a report where they revealed that they were still owed round $587.2m (£472m) from the GFG Alliance.