Sanjeb Gupta’s GFG Alliance signs loan agreement with Credit Suisse

Texas News Today

File photo: Sanjeev Gupta of Liberty Steel smiling outside the company’s Liberty Steel Processing Plant in Darjell, England, on April 8, 2016. Reuters / Russell Chen

10 October 2021

LONDON (Reuters) – The GFG Alliance announced on Sunday that it has signed a debt restructuring agreement with Credit Switzerland on Australian steel and coal mining assets and £50 million ($68 million) in restarting the Roslam Electric Furnace. ) is planned. announced to do. In uk.

Owned by commodities tycoon Sanjeev Gupta, GFG is struggling to refinance its web of steel, aluminum and energy-deficit businesses after supply chain finance firm Greensil Capital filed for bankruptcy in March.

According to a statement from GFG, the Australian asset’s debt restructuring will allow GFG to make “substantial advance payments” to Green Sylbank and Credit Suisse, with the rest to be paid in installments until the new maturity date of June 2023. Growth.

Zurich-based Credit Suisse has previously disclosed approximately $2.3 billion of debt exposed to financial and litigation uncertainty within its Greensilk-linked supply chain finance fund and approximately $1.2 billion in assets. The dollar belonged to the GFG.

Production will begin in October following a cash injection into British steel business Liberty Steel, with plans to reach 50,000 tonnes per month, the statement said.

Chief Restructuring Officer Jeffrey S. Stein said in a statement that the new European lender is interested in refinancing GFG’s steel assets.

In Europe, GFG has filed suit against private equity firm AIP, saying it controlled GFG’s smelter in Dunkirk, Europe’s largest primary aluminum producer.

($1 = 0.7332 pounds)

(Reporting by Zandi Shabalala; Edited by Jan Harvey)

Sanjeb Gupta’s GFG Alliance signs loan agreement with Credit Suisse

Source Link Sanjeb Gupta’s GFG Alliance signs loan agreement with Credit Suisse

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