Katerra, the start of construction in the US with the help of SoftBank’s Vision Fund, sued bankruptcy with more than $ 1bn in debt, becoming the second leading company in the Japanese capital to collapse this year.
In a statement, Katerra said he had called for the protection of creditors “following the company’s financial ruin”. It criticized Covid-19, the “unpredictability” of the former Greensill Capital lender and the failure to secure new loans. The company said it would create a way to sell and sell “raise profits for participants”.
Bankirapuse is also reversing the problem of SoftBank’s Vision Fund, which has been doing well in the list of office companies such as Coupang and DoorDash. According to reports, the Vision Fund paid more than $ 2bn in Katerra, including an investment in December as part of a fundraiser.
Katerra was a customer of Greensill, a subsidiary of SoftBank, which collapsed earlier this year. Katerra did not name Greensill in that statement.
Established in Silicon Valley, Katerra has earned billions of dollars to reduce construction costs in manufacturing equipment instead of working.
But the company was struggling to make ends meet and has been delayed in several major projects. Indoor drama led to departure co-founder Michael Marks from his superior in May last year.
Katerra said he had received $ 35 million from SoftBank, allowing the company to continue operating while the banking system was operating, and that his global operations would not be affected by bankruptcy. The company estimated that it had assets between $ 500m and $ 1bn and loans of $ 1bn to $ 10bn. SoftBank declined to comment.
Courts in Texas show that Katerra made about $ 1.75bn in legal fees last year. The company has about 2,400 employees, according to LinkedIn.
Katerra’s fall has sparked a dispute between SoftBank and Credit Suisse, which sold off the joint venture with Greensill’s credit.
Credit Suisse is trying to repay about $ 440m in Katerra-linked loans that were kept in cash. Economic Affairs reports last week that the Swiss bank was preparing for possible litigation against SoftBank, one of its largest clients, over Greensill.
In November last year, SoftBank issued an emergency cash injection to Greensill to repay a loan to Katerra. However, the funds did not reach the Credit Suisse funds as required, FT reports.
Source link
