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Credit Suisse gets first tranche under GFC Alliance debt revamp -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – A Credit Suisse sign can be seen outside their Americas Headquarters in Manhattan, New York City on September 1, 2015. REUTERS/Mike Segar

ZURICH (Reuters). Credit Suisse (SIX =) Received an upfront payment from GFG Alliance as part of the restructuring agreement for GFG Alliance’s Australian steel- and coalmining assets.

“We can confirm that we are now in receipt of the agreed upfront payment of AUD 129m, and we expect to receive further payments on a monthly basis until the remaining principal of AUD 240m, including interest, has been recovered – by mid-2023 at the latest,” the Swiss bank’s asset management arm said on its website.

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