Credit Suisse has reached an agreement with the mining company Bluestone Resource for a plan for cash payments to noteholders.

Bluestone Resources, which borrowed heavily from the collapsed UK supply chain Greensill Capital, owes $690m to the Swiss bank’s wealthiest clients, who had significant investment in Greensill.

Credit Suisse said that Bluestone will start making regular payments to the Swiss bank’s clients this month, reaching up to $260m in total.

Approximately 81% of the total payment would be allocated to the bank’s supply chain finance funds (SCF), including the Credit Suisse (Lux) Supply Chain Finance Fund and to the Credit Suisse Nova (Lux) High Income Fund.

Bluestone CEO James Justice, III also agreed that the proceeds from any sale of the Bluestone entities would be shared between the Justice family and the noteholders.

Credit Suisse Asset Management CEO Ulrich Körner said: “This is further evidence of our determination to prioritise the return of cash to investors in the SCF funds.  To date, we have recovered $7.3bn of the total $10bn net asset value at the time of the funds’ suspension, and this agreement is intended to secure further recoveries for the benefit of those investors.”

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Following the collapse of Greensill in March last year, the Swiss bank has been under pressure to recoup the money that the supply chain firm lent via a $10bn group of funds set up for its rich clients.

Credit Suisse has recovered $7.3bn of the total amount till today, according to a report by FT.

Soon after the Greensill debacle, the bank decided to separate its asset management business from its international wealth management unit.