GFG Alliance confident ahead of Credit Suisse court hearing

GFG Alliance confident ahead of Credit Suisse court hearing
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Sanjeev Gupta’s GFG Alliance remains confident it can secure financing to keep its Australian steelmaking operations open as it prepares for its first hearing in a legal skirmish with Credit Suisse.
Mr Gupta’s legal counsel will appear in the NSW Supreme Court on Thursday for a directions hearing after Credit Suisse, via Citibank, filed an application for “winding up in insolvency” against GFG’s OneSteel Manufacturing, which operates the Whyalla Steelworks, and GFG’s Tahmoor Coal.
Citibank acts as trustee for some US$1.6 billion ($2.1 billion) of GFG-related invoices that were packaged into bonds by the collapsed firm Greensill Capital and held in four supply-chain funds managed by Credit Suisse, which is trying to recover billions of dollars for more than 1000 investors who sank money into them.

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