Credit Suisse nears settlement with West Virginia governor’s mining group

Appalachian range in West Virginia. (Reference image from Pxhere).

Swiss bank Credit Suisse is close to a settlement with West Virginia Governor Jim Justice over the $690 million his mining company Bluestone Resources owes the bank’s clients, the Financial Times reported on Monday, citing sources.

The Swiss bank has been focusing on some of the loans provided by Greensill Capital, which imploded in March last year, to three counterparties including coal miner Bluestone, for which late payments have accrued.

Bluestone would step up production and make regular cash payments to Credit Suisse under a deal between the two parties, according to the newspaper.

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

Credit Suisse declined a specific comment on the FT report, saying only: “Credit Suisse Asset Management continues to pursue all available avenues for recovery of the funds on behalf of our investors. This remains a priority.”

Bluestone did not immediately respond to a Reuters request for comment.

(By Jaiveer Singh Shekhawat and Michael Shields; Editing by Aditya Soni, Kirsten Donovan)

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