Greensill Capital’s U.S. subsidiary filed for bankruptcy protection, extending the U.K. financing startup’s insolvency proceedings to New York, WSJ Pro Bankruptcy reported. Greensill Capital Inc., owned by the London-based parent, filed a chapter 11 petition yesterday in the U.S. Bankruptcy Court in New York, listing up to $50 million in estimated assets against up to $100 million in liabilities, including hundreds of thousands of dollars in employee obligations. Most of the U.S. unit’s 70 employees were terminated last week, according to court papers. The U.K. company filed for insolvency protection earlier this month after losing credit insurance that was critical to the complex business of supply-chain finance, a form of short-term corporate lending. Greensill made supply-chain loans to companies, then packaged them up into notes, selling those on to investors.
