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Credit Suisse gets first tranche under GFC Alliance debt revamp


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ReutersStock Markets6 minutes ago (Oct 21, 2021 06:26AM ET)


© Reuters. FILE PHOTO: A Credit Suisse sign is seen on the exterior of their Americas headquarters in the Manhattan borough of New York City, September 1, 2015. REUTERS/Mike Segar

ZURICH (Reuters) – Credit Suisse (SIX:) has received an upfront payment as part of GFG Alliance’s debt restructuring deal for its Australian steel and coal mining assets, the Swiss bank said on Thursday.

“We can confirm that we are now in receipt of the agreed upfront payment of AUD 129m, and we expect to receive further payments on a monthly basis until the remaining principal of AUD 240m, including interest, has been recovered – by mid-2023 at the latest,” the Swiss bank’s asset management arm said on its website.

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