Greensill Capital: Sanjeev Gupta s GFG puts Australian businesses at core of restructure afr.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from afr.com Daily Mail and Mail on Sunday newspapers.
Still, a standstill agreement with Credit Suisse, assuming the “advanced discussions” culminate in a deal, could buy Gupta some time to attempt to refinance the UK operations, which is the critical piece of the jigsaw after the collapse of Greensill Capital in March.
Plan A was a £200m loan from San Francisco-based investor White Oak Global Advisers, but it was pulled after the Serious Fraud Office announced an investigation into the financing of Gupta’s steel business. More time to work on a plan B is helpful – but only if a lender can actually be found.
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Gupta is battling to repair the damage wrought on his GFG Alliance by the collapse of its main lender, Greensill Capital. He said working capital has been offered to aid the UK business.