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Liberty has been in crisis since the collapse of Greensill Capital in March.
It is also being sued by Tata Steel after defaulting on payments owed following its £100million purchase of Tata’s speciality steel business in 2017.
Greensill was the largest lender to the GFG Alliance, Gupta’s wider group of companies that includes Liberty.
The 49-year-old magnate had used Greensill to finance the rapid expansion of his global steel, hydropower, engineering and aluminium empire.
He had been dubbed the ‘saviour of UK steel’ after buying ailing plants in Newport, Rotherham and Stocksbridge in South Yorkshire, among others.
But Gupta has been struggling to arrange funding to keep all of his companies – including his UK steel operations – afloat.
Sanjeev Gupta puts SA solar farm, battery projects on the block
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Sanjeev Guptaâs GFG Alliance is considering selling off its Cultana solar farm and Playford battery projects in South Australia as it tries to raise cash to keep other parts of its global empire afloat, including the Whyalla steelworks.
GFG has hired Ernst & Young to explore potential partnership or sale options for the flagship âgreen steelâ energy assets, which sit in its SIMEC Energy division.
âThe partnership and sale options under consideration will include SIMEC retaining an interest and with GFG retaining priority access to this energy for its Whyalla development plans,â a GFG spokesman said.
Owner of ailing Liberty Steel in talks for £200m lifeline
The owner of Liberty Steel is reportedly in talks about a £200m loan facility from California-based investment firm White Oak Global Advisors.
The BBC first reported the arrangement is in its early stages, however a skeleton agreement has been drafted.
Any agreement would need to be approved owner Gupta Family Group’s creditors which include Credit Suisse and Tata Steel.
The UK’s third largest steelmaker was on the brink of collapse weeks ago when its main financer Greensill Capital went bust.
Sources told the BBC that the cash injection, if it were agreed, would increase the changes of the steelmaker’s creditors recovering a greater amount of the cash owed to them as it would potentially allow Liberty to return to full production and therefore benefit from higher steel prices.