RedRidge announced it has hired Andrew Rodgers as associate director. Rodgers has served private equity and corporate clients, with deal sizes valued up to $500M and has experience leading numerous M&A buy-and sell-side due diligence projects across a variety of industries.  Kelsey Mohr has joined RedRidge as associate director. Mohr provides financial due diligence and lender due diligence services at RedRidge. RedRidge also announced Chris DiPietro has joined as a senior associate, based in Connecticut.   

Greensill Capital is a UK-based commercial finance company which filed for bankruptcy protection in early March. The company had focused on providing financing to companies using supply chain financing and other related receivables finance services. 

The bankruptcy appears to have been the result of a combination of factors: unusual underwriting practices (by Greensill, their primary financier and their credit insurer); the cancellation of their credit insurance policy; the cessation of their source of financing by their largest funder and financial intermediary;  related party transactions inclusive of financing, as well as obtaining financing from one of their investors and in turn using such funding to finance the investor’s own affiliates.

While the final outcome remains to be seen in the ongoing saga, it is clear the circumstances are not typical for a supply chain finance institution.