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ALEX BRUMMER: Gupta's flawed route to Liberty


No one can accuse Liberty Steel boss Sanjeev Gupta of giving up the ghost. Faced with the collapse of his main lender Greensill and a refusal by Business Secretary Kwasi Kwarteng to provide £170million of rescue loans, he is hanging on by his fingertips.
In the latest moves to shore up his global empire, GFG Alliance, he is reported to have found funding for his Australian operations and has brought in experts to see what can be salvaged in terms of steel making in the UK.
The rescue team may be assisted by surging steel prices across the world as Covid retreats, demand surges and production bottlenecks develop. ....

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Sanjeev Gupta's GFG finds funding to avert shut down of Australia operations


Sanjeev Gupta’s GFG finds funding to avert shut down of Australia operations
Financing rescues operations including Whyalla steelworks and Tahmoor coal mine
05 May 2021 - 18:58 Harry Brumpton
Sanjeev Gupta. Picture: BLOOMBERG/BRENDON THORNE
The Australian operations of steel magnate Sanjeev Gupta’s GFG Alliance has found funding to pay off its debts and continue running, according to a statement.
Liberty Primary Metals Australia reached terms to refinance its exposure to the failed Greensill Capital, the statement said Wednesday, effectively rescuing operations including the Whyalla steelworks and the Tahmoor coal mine.
The units were first among Gupta’s sprawling and troubled global interests to face the prospect of either being shuttered or needing a government bailout. The new funding comes just hours before Australia’s New South Wales supreme court was due to hear an attempt by GFG counterparty Credit Suisse to force the ....

South Australia , New South Wales , Sanjeev Gupta , Oaktree Capital Group , Credit Suisse , Primary Metals Australia , Greensill Capital , Bain Capital Credit , White Oak Global Advisors , Australian Financial Review , White Oak , San Fransisco Based , தெற்கு ஆஸ்திரேலியா , புதியது தெற்கு வேல்ஸ் , சஞ்சீவ் குப்தா , ஓக் மரம் மூலதனம் குழு , கடன் ஸ்யூயி , ப்ரைமரீ உலோகங்கள் ஆஸ்திரேலியா , பைன் மூலதனம் கடன் , ஆஸ்திரேலிய நிதி விமர்சனம் , வெள்ளை ஓக் , சான் ஃப்ராந்ஸிஸ்‌கொ அடிப்படையிலானது ,

Gupta's GFG Alliance agrees terms to refinance Australian unit


Sonali Paul
2 minute read
Liberty Steel s Sanjeev Gupta smiles outside their newly acquired Liberty Steel processing mill in Dalzell, Scotland, Britain April 8, 2016. REUTERS/Russell Cheyne/File Photo
Indian-British steel magnate Sanjeev Gupta s GFG Alliance said on Wednesday its Liberty Primary Metals Australia arm had agreed terms to refinance its exposure to Greensill Capital, which is facing bankruptcy.
The new financing is sufficient to pay out its Greensill debt in full and to provide on-going working capital for the LPMA group, which includes the integrated mining and primary steel business at Whyalla and its coking coal mine at Tahmoor, a GFG Alliance spokesman said. ....

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