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Fort William smelter owner says steel business restructure will 'pave the way for refinancing'


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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. ....

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