Greensill Capital’s U.S. unit has agreed to sell its Finacity Corp. business to the head of the division for $24 million unless a higher bid comes in at a proposed bankruptcy auction, Bloomberg News reported. Under the tentative deal, which must be approved by a judge, the U.S. unit would sell Finacity to its current president, Adrian Katz. In 2019, Katz and his family owned about 20% of Finacity when Greensill bought it, according to court papers filed Monday. Under that deal, Katz agreed to accept about $21 million in deferred payments that were tied to Finacity’s annual revenue. To buy back the company, Katz has offered to pay $3 million in cash and forgive the $21 million he says he is owed, according to court papers. Should U.S. Bankruptcy Judge Michael E. Wiles approve the proposed sale, Katz’s offer would be a stalking-horse bid at a potential auction. Should no other bids come in, a sale to Katz would become final.
