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Liberty Steel still looking for a buyer for a factory near Sheffield UK News

The company said it was “continuing to assess a sales process” for the UK aerospace steel and special alloys plant it owns in Stocksbridge.

The bosses have been looking for a buyer for the site for more than a month under pressure from the GFG Alliance, of which Liberty Steel is a part.

GFG had borrowed heavily from Greensill Capital, a supply chain finance lender, racking up multi-billion dollar deals.

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But Greensill administrators now want that money back after the lender went bankrupt in March, forcing GFG to refinance its operations.

Sanjeev Gupta, the tycoon behind GFG, said: “The group’s well-advanced refinancing is moving closer to being able to honor our obligations to creditors. “

He added: “Despite the difficult circumstances, GFG Alliance contains many high quality companies that are performing well in record markets where customer demand and prices are strong.

“By refocusing our activities, we will protect more jobs and lay the foundations for future sustainable growth. “

Liberty Steel UK chief executive Jon Ferriman will step down on Friday, while Roy Chowdhury, a turnaround and industry expert, will be appointed chief executive.

GFG said it was making progress on its offer to refinance part of its Australian operations.

A potential deal with commercial lender White Oak will be enough to pay off all of Greensill’s debt for the unit, GFG said.

The company said it was also taking action elsewhere, in Europe, the UK and Australia.

Jeffrey Stein, Director of Restructuring of Liberty Steel, said: “We are aware of the significant challenges facing the group, but we are delighted to make good progress in refinancing, repaying creditors and refocusing the group on our core assets. . “

He added: “Much remains to be done, but we are optimistic that a dynamic, well-funded, profitable and sustainable business emerges as we systematically restructure and transform the group. “

– By August Graham, City of PA reporter

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This notice was published: 2021-06-28 20:13:12

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