Financier Greensill on brink with 50,000 jobs at risk

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London

Troubled UK finance firm Greensill is reportedly on the brink of bankruptcy a development which would send shockwaves through the sector, ensnaring clients and risking up to 50,000 jobs worldwide.

Greensill specialises in short-term supply chain financing to provide capital for businesses around the world, but now faces mounting questions over its opaque and complex accounting methods.

The London-headquartered finance firm, founded in 2011 by Australian Lex Greensill with activities spanning Australia and the United States, is preparing to file for insolvency according to the Financial Times and Bloomberg News.

However, an industry source told AFP that private equity firm Apollo Global Management Fund and partner Athene were nearing a rescue deal that could provide $100 million in new financing.—AFP