Liberty Steel has hired a team of specialist directors to its board to accelerate the group’s overhaul and refinancing after its backer Greensill Capital went bust.
The company said the four new directors will make up a new restructuring and transformation committee, which will be given independence to restructure Liberty and either fix or sell off under-performing divisions.
Concerns were raised over Liberty’s future after Greensill collapsed in March.
Greensill was the largest lender to steel magnate Sanjeev Gupta’s GFG Alliance – the parent company of Liberty Steel – and its failure put in jeopardy some 5,000 jobs in the UK.