At a hearing on October 26, 2021, Togut, Segal & Segal LLP, serving as counsel to the debtor, assisted Greensill Capital Inc. in obtaining confirmation of its Chapter 11 plan of liquidation. The debtor, which had operated pre-petition as the U.S. sales arm for U.K.-based global supply chain financing company Greensill Capital Management (UK) Ltd., previously commenced its Chapter 11 case on March 25, 2021.
Bankruptcy Judge Michael Wiles of the United States Bankruptcy Court for the Southern District of New York confirmed the plan on an uncontested basis after the debtor and the official committee of unsecured creditors resolved all objections. The plan effectuates a global settlement reached between the debtor, the UCC, and debtor affiliates GCUK and GCMC, and follows the closing of the sale of the debtor’s primary asset, a 100% ownership interest in subsidiary Finacity Corporation, to White Oak Global Advisors on September 21, 2021. The plan provides funding for a liquidation trust to pursue more than $65 million in retained causes of action for the benefit of creditors.
The plan went effective on Friday October 29, 2021. The case is captioned In re Greensill Capital Inc., Case No. 21-10561 (MEW).