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Liberty Steel
But administrators for Greensill now want that money back after the lender collapsed in March, forcing GFG to refinance its operations.
Sanjeev Gupta, the tycoon behind GFG, said: “The refinancing of the group, which is progressing well, brings closer the point of being able to honour our obligations to creditors.”
He added: “Despite the difficult circumstances, GFG Alliance contains many high-quality businesses which are performing strongly in record markets where customer demand and pricing are strong.
“By refocusing our businesses, we will protect more jobs and lay the foundations for future sustainable growth.”
Liberty Steel’s UK managing director, Jon Ferriman, will step down on Friday, while Roy Chowdhury, a turnaround and industry expert, will be appointed chief executive.
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Sanjeev Gupta, executive chairman of GFG Alliance.
Lochaber Smelter’s crisis-hit owner, GFG Alliance, has announced a major restructuring of its steel business.
The group said the move, which includes the replacement of Liberty Steel’s managing director, would “pave the way for a refinancing,” which will enable it to pay back creditors following the collapse of its main lender, Greensill Capital.
Group chief restructuring officer, Jeffrey S Stein, said: “We are aware of the significant challenges facing the group but are pleased that we are making good progress to refinance, repay creditors and refocus the group on our core assets.
Liberty Steel still seeking buyer for Sheffield plant as new UK boss appointed
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