FT

Bluestone Resources

16/05/2022 07:58

(Adds Credit Suisse comment)
    May 16 (Reuters) - Swiss bank Credit Suisse  CSGN.S  is
close to a settlement with West Virginia Governor Jim Justice
over the $690 million his mining company Bluestone Resources
owes the bank's clients, the Financial Times reported on Monday,
citing sources.
    The Swiss bank has been focusing on some of the loans
provided by Greensill Capital, which imploded in March last
year, to three counterparties including coal miner Bluestone,
for which late payments have accrued.  urn:newsml:reuters.com:*:nL5N2OE24R
    Bluestone would step up production and make regular cash
payments to Credit Suisse under a deal between the two parties,
according https://on.ft.com/3Po1sdj to the newspaper.
    The Swiss bank will also have an option on funds raised from
a potential sale of the mines at a later date, the report said,
adding that the settlement could be signed within weeks.
    Credit Suisse declined specific comment on the FT report,
saying only: "Credit Suisse Asset Management continues to pursue
all available avenues for recovery of the funds on behalf of our
investors. This remains a priority."
    Bluestone did not immediately respond to a Reuters request
for comment.
        

 (Reporting by Jaiveer Singh Shekhawat in Bengaluru and Michael
Shields in Switzerland; Editing by Aditya Soni, Kirsten Donovan)
 ((JaiveerSingh.Shekhawat@thomsonreuters.com;))