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    FL-2022-000014 - [2025] EWHC 2631 (Ch)
    Chancery Division of the High Court

    FL-2022-000014 - [2025] EWHC 2631 (Ch)

    Fecha: 15-Oct-2025

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    • Heading
    • INTRODUCTION
    • The claimants
    • The defendants
    • The Greensill Group and supply chain funding
    • The SCF Funds
    • The securitised funding arrangements
    • The SoftBank Defendants’ relationships with the Greensill Group
    • The Credit Enhancement Programme
    • The Katerra Group companies
    • The SoftBank Defendants’ investments in the Katerra Group companies
    • 2019 discussions about revisions to the Credit Enhancement Programme
    • The Fairymead Note Programme
    • December 2019: further discussions about the CEP
    • The issue of notes under the Fairymead Note Programme
    • 2020: Financial stress in the Katerra Group
    • SVF1 invested further in Katerra
    • Katerra identified improper revenue recognition
    • Appointment of new management and restructuring advisors
    • Developments concerning the Greensill Group in 2020
    • CSAM reduced concentration limits on Greensill Group investments
    • GCPL planned a capital raise and Initial Public Offering
    • Drafts of the $440 million CLN and the Omnibus Deed
    • The 10 November 2020 agreements
    • The $440m CLN
    • The Omnibus Deed
    • The SBIA Undertaking
    • Use of the $440 million proceeds of the CLN
    • Further developments in November 2020 concerning the Katerra Group
    • SVF1’s bridge loan to the Katerra Group
    • SVF1’s, SVF2’s and the Greensill Group’s approvals following the withdrawal of the New Money Consortium
    • Documenting the agreements
    • Signing of the CEA and TA and placing them in escrow
    • Further agreements executed in December 2020
    • The CEA
    • The TA
    • Further investments in Katerra Cayman by SVF1
    • The Preferred Share Purchase Agreement
    • The SVF Habitat Share Subscription
    • The Vision Funds’ stake in the Katerra Group
    • November to December 2020: developments concerning the Fairymead Note Programme
    • December 2020 – March 2021: Financial position of the Greensill Group
    • Discussions between Greensill and CSAM in December 2020 about exposure limits
    • The 31 Dec/14 Jan Fairymead Trade – “the Secondary Trade”
    • Publicity about the restructuring of the Katerra Group’s debts
    • The cancellation of the Secondary Trade
    • March – June 2021: Default on the Fairymead Notes and bankruptcy of the Greensill Group and Katerra Group
    • WITNESSES
    • FINDINGS ON CONTESTED FACTUAL AND EXPERT ISSUES
    • SECTION 423 OF THE INSOLVENCY ACT 1986
    • DETERMINATION OF THE ELEMENTS OF THE CLAIM
    • Conclusions

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