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Greensill Capital's $1.55 billion black hole in UK


Greensill Capital’s $1.55 billion black hole in UK
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Most creditors of the main operating entity of Greensill Capital are unlikely to get their money back because the firm’s UK business has a $US1.2 billion ($1.55 billion) gap between debts it owes and the value of assets it can sell.
The release of the first creditor’s report from Greensill Capital UK’s administrators, Grant Thornton, on Friday revealed it has 210 unsecured creditors owed $US1.46 billion, including Sanjeev Gupta’s GFG Alliance which is owed $US16.7 million; software group Tradeshift Holdings which is owed $US7.1 million; fintech group Taulia which is owed $US1.2 million; and insurance brokers Marsh UK, which are owed $US2.9 million. ....

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Whyalla wind-up legal action delayed until July


Sanjeev Gupta puts SA solar farm, battery projects on the block
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Sanjeev Gupta’s 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 “green steel” energy assets, which sit in its SIMEC Energy division.
“The 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,” a GFG spokesman said. ....

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Gupta's GFG Alliance agrees terms to refinance Australian unit


Sonali Paul
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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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Sanjeev Gupta's GFG secures financing for Australian Whyalla steelworks | Steel industry


Last modified on Wed 5 May 2021 18.09 EDT
The metals empire owned by the industrialist Sanjeev Gupta said it has agreed terms on new financing for a key part of its business located in South Australia, potentially staving off a threat to thousands of jobs.
GFG Alliance said on Wednesday that Liberty Primary Metals Australia (LPMA), which includes a mining and steel business in Whyalla and a coalmine at Tahmoor, had agreed a deal to refinance loans previously extended by Greensill, the financial firm that collapsed into administration in March. It also said it would consider selling some parts of the business. ....

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