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The Guardian - UK

Business

Jasper Jolly

Sanjeev Gupta’s GFG faces insolvency fight after Credit Suisse ends debt talks

Sanjeev Gupta GFG Credit Suisse GFG Alliance Greensill

GFG Alliance flag — GFG Alliance has repeatedly said it is close to securing new funding. Photograph: Russell Cheyne/Reuters

Sanjeev Gupta’s GFG Alliance faces a fight against insolvency for some of its key companies after Credit Suisse withdrew from a long negotiation over debts.

GFG will face an insolvency hearing in private on Tuesday, after more than a year of trying to hold off its creditors and find a source of new funding after the collapse of its main lender, Greensill Capital.

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