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

SBG provided a programme of credit support for certain of GCUK’s financings of Vision Fund portfolio companies (“the Credit Enhancement Programme” or “CEP”).

The CEP was operated by the provision of Credit Default Swaps (“CDSs”) by SBG in order to underwrite the bankruptcy risk of Vision Fund portfolio companies (subject to the Greensill Group absorbing a shortfall in repayment of GCUK’s financing of Vision Fund portfolio companies up to a maximum of $100 million in any year, “the Greensill First Loss”).

By October 2019, GCUK had agreed a series of CDSs with Cayman Project 2 Limited, a Cayman Islands incorporated special purpose vehicle which was a subsidiary of SBG. These related to facilities made available by GCUK to View, Inc. (“View”), Fair Financial Corp (“Fair”), Guazi Limited (“Guazi”) and OYO Hospitality UK Limited (“OYO”), in each of which SVF1 had invested.

No written guarantee or CDS was provided by SBG to the Greensill Group in respect of funding provided to the Katerra Group under the RPA, though Mr Greensill stated in emails on 19 December 2019 and 11 October 2020 that Mr Son had given him a personal commitment that a guarantee would be provided by a SoftBank Group entity (see further below).