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

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© Reuters. FILE PHOTO – The logo of Swiss bank Credit Suisse can be seen in a branch office located in Zurich (Switzerland), November 3, 2021. REUTERS/Arnd WIegmann

(Reuters) – The Financial Times reports that the Swiss bank Credit Suisse has reached a deal with West Virginia Governor Jim Justice regarding the $690 million Bluestone Resources owes to the bank.

The Swiss bank is focusing its attention on Greensill’s loans, which were given to three counterparties, including Bluestone coal miner, and for which late payment have been accrued.

The newspaper reported that Bluestone would increase its production and send regular cash payments towards Credit Suisse in a agreement between the parties.

A Swiss bank may also choose to receive funds from potential sales of the mines later on, according to the report. This could allow for settlements within weeks.

Reuters reached out to Credit Suisse and Bluestone for comments but they did not respond immediately.

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