Liberty Steel £50m cash injection to save 660 jobs Liberty Steel £50m cash injection to save 660 jobs Liberty Steel has secured a £50m cash injection which would allow its Rotherham plant to reopen this month after it has been closed since spring. Liberty’s owner, GFG Alliance, has agreed debt restructuring with Credit Suisse. It was forced to seek funding after the collapse of its key lender, Greensill Capital. The cash injection will [...]
Glencore ‘in talks’ with GFG over refinancing aluminium business Sanjeev Gupta’s GFG Alliance is reportedly in talks with commodities giant Glencore over refinancing debt at its European aluminium business Alvance. The metals tycoon is scrambling to refinance his business after the collapse of main lender Greensill in March. The FT reported that Glencore and GFG were in discussions over refinancing $500m of debt at [...]
New boss at Liberty Steel UK as GFG restructuring continues New boss at Liberty Steel UK as GFG restructuring continues Sanjeev Gupta’s GFG Alliance has today replaced Liberty Steel UK’s boss as it continues to overhaul its embattled operations. In a restructuring update, the company said that Roy Chowdhury would take over from Jon Ferriman as chief executive. It also said it was exploring the possible sale of Liberty Steel’s UK engineering business. The moves [...]
Parts of Liberty Steel ‘challenged’, says finance chief June 22, 2021 Liberty Steel’s UK finance chief has today told MPs that parts of the metals group are “challenged” as Sanjeev Gupta’s company seeks to refinance the business. Since the collapse of chief financial backer Greensill Capital in March, Gupta’s GFG Alliance – of which Liberty Steel is a part – has been racing against its creditors [...]
Sanjeev Gupta’s Jaguar Land Rover supplier in talks with lenders June 21, 2021 A branch of Sanjeev Gupta’s metals empire that supplies Jaguar Land Rover is in talks with its lender to avoid collapse. Liberty Aluminium Technologies (LAT) is currently engaged in negotiations with its lender Close Brothers, in an effort to avert being placed into administration, Sky News first reported. The embattled firm employs 250 people across [...]
ArcelorMittal ‘awaits EU approval’ for Liberty Steel France bid June 7, 2021 The EU is currently examining steel giant ArcelorMittal’s bid for Liberty Steel’s French assets at Hayange and Ascovel, it was reported today. EU documents seen by Bloomberg show that the Luxembourg-based firm has submitted an offer for Liberty Steel France Holding SAS, which owns the assets. The deadline for the EU to give the deal [...]
Liberty Steel to sell Stocksbridge site as Gupta seeks to pay off creditors May 24, 2021 Liberty Steel said today that it would sell of its Stocksbridge aerospace and special alloys steel business as part of restructuring plans. The sale will help Liberty to pay off its debts to Credit Suisse, one of its main creditors. The metals group, part of billionaire Sanjeev Gupta’s GFG Alliance, has been scrambling to find [...]
Indian steel giant JSW mulls Liberty Steel bid – report May 22, 2021 Indian steel giant JSW Steel is reportedly mulling making a bid for embattled Liberty Steel in Britain as well as mills elsewhere as potential suitors circle Sanjeev Gupta’s global commodities empire. Two sources told Reuters that the Mumbai-headquartered firm was considering an offer, but stressed that no final decision had yet been taken on whether [...]
Liberty Steel was a distraction. There is a race for clean steel and Britain is losing May 7, 2021 The threat to Sanjeev Gupta’s Liberty Steel empire brought back an ancient debate. There were the predictable calls for the government to intervene, bail them out, save jobs, while ministers continue to try and keep the plants running. It is a familiar cycle of struggle and rescue. But the steel industry has one foot stuck [...]
Owner of ailing Liberty Steel in talks for £200m lifeline May 6, 2021 The owner of Liberty Steel is reportedly in talks about a £200m loan facility from California-based investment firm White Oak Global Advisors. The BBC first reported the arrangement is in its early stages, however a skeleton agreement has been drafted. Any agreement would need to be approved owner Gupta Family Group’s creditors which include Credit [...]