Credit Suisse nears deal with West Virginia governor’s mining group – FT

The logo of Swiss bank Credit Suisse is seen at a branch in Zurich, Switzerland, November 3, 2021. REUTERS/Arnd WIegmann

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May 15 (Reuters) – Swiss bank Credit Suisse (CSGN.S) is close to settling with West Virginia Governor Jim Justice over the $690 million its mining company Bluestone Resources owes the bank’s clients, the Financial Times reported on Monday, citing sources.

The Swiss bank has zeroed in on some of the loans Greensill made, which imploded in March, to three counterparties, including coal miner Bluestone, for which late payments have accumulated. Read more

Bluestone would increase production and make regular cash payments to Credit Suisse as part of an agreement between the two parties, according to the newspaper.

The Swiss bank will also have an option on funds raised from a possible sale of the mines at a later date, according to the report, adding that the settlement could be signed within weeks.

Credit Suisse and Bluestone did not immediately respond to requests for comment from Reuters.

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Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Aditya Soni

Our standards: The Thomson Reuters Trust Principles.

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