Bain, Oaktree in talks to fund some of Guptaâs Australian units
Luca Casiraghi and Jack Farchy
Apr 22, 2021 â 4.15am
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Bain Capital Credit, Oaktree Capital Group and White Oak Global Advisors are in talks to refinance some of Sanjeev Guptaâs borrowing from Greensill Capital at some of his Australian businesses.
The funds have been carrying out due diligence to provide at least $430 million to GFG Allianceâs Australian Mining and Primary Steel units, including the Whyalla steel mill in the south of the country, according to people familiar with the matter.
One of the funds could conclude a deal with GFG as soon as early May, said the people, who asked not to be named because the talks are private. There is no certainty the talks will result in a deal, the people said.
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Whyalla owner races towards refinancing to stave off Credit Suisse liquidation push
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The owner of the Whyalla steel mill says it is close to sealing a refinancing deal with a new group of lenders that may quell a push by its major creditor Credit Suisse to place the business into liquidation.
Billionaire steel tycoon Sanjeev Gupta’s Australian steel and mining companies said in a statement on Wednesday that it was in advanced talks with new lenders and was hoping to strike a refinancing arrangement that would allow it to pay back its creditors.