Credit Suisse (CSGN.S) has recovered more assets from its suspended Greensill-linked supply chain finance funds, bringing total recoveries to $5.9 billion for the $10 billion funds, it told investors on Tuesday.

“Together with the initial cash distribution and current cash and cash equivalents in the funds, the total cash position amounts to $5.9 billion as of May 14, 2021, which is more than half of the total (assets under management) of the four funds at the time of their suspension,” the bank’s asset management arm said in a statement to investors.

Having paid out some $4.8 billion in liquidation proceeds, the funds now hold some $1.06 billion in cash and cash equivalents.

It expected to provide an update on the next payments in late May or early June, it said.

Greensill Capital lent money to firms by buying their invoices at a discount, but it collapsed in March after one of its main insurers declined to renew its cover.

Among the investors burnt in the widespread fallout from Greensill’s collapse were clients of Credit Suisse.

Its asset management unit was forced in March to shut $10 billion of supply chain finance funds that invested in bonds issued by Greensill. read more

Credit Suisse previously disclosed some $2.3 billion worth of loans exposed to financial and litigation uncertainties within the funds, with some $1.2 billion of its assets related to Sanjeev Gupta’s GFG Alliance, which is being investigated by Britain’s Serious Fraud Office. read more

In March the bank hired financial adviser Houlihan Lokey to assist in evaluating the funds’ portfolio and credit risks, it disclosed on Tuesday.

Internally, it has established an investment committee to help manage the liquidation process and set up a special project to handle the recovery as well as any necessary legal enforcement and litigation strategies, it said.