THURS, jul 01, 2021
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ISSUE : 1172
998
shed 1 Establi
fULL CAPACITY TRAMLINES IS ON COMMUNITY MARKET SUCCESS - PAGE 11
04
CRICKET t-HIRSTY WORK - CAN STOCKSBRIDGE WIN AGAIN? - PAGE 16
STEELWORKS STILL FOR SALE Liberty Steel is still seeking a buyer for Stocksbridge plant as new UK boss appointed, reports The Belfast Telegraph The company said it is ‘continuing to assess a sales process for its UK aerospace and special alloys factory in Stocksbridge. Liberty Steel has said it is still looking for a buyer for its factory near Sheffield and has appointed a new UK chief executive as the business tries to refinance its debts after its main lender collapsed. The company said it “is continuing to assess a sales process” for the UK aerospace and special alloys steel plant that it owns in Stocksbridge. Bosses have been looking for a buyer for the site for more than a month amid pressure on the GFG Alliance, of which Liberty Steel is a part. GFG had borrowed heavily from Greensill Capital, a supply chain finance lender, racking up multibillion-dollar arrangements. But administrators for Greensill now want that money back after the lender collapsed in March, forcing GFG to refinance its operations.
Sanjeev Gupta, the tycoon behind GFG, said: “The refinancing of the group, which is progressing well, brings closer the point of being able to honour our obligations to creditors.” He added: “Despite the difficult circumstances, GFG Alliance contains many highquality businesses which are performing strongly in record markets where customer demand and pricing are strong. “By refocusing our businesses, we will protect more jobs and lay the foundations for future sustainable growth.” Liberty Steel’s UK managing director, Jon Ferriman, will step down on Friday, while Roy Chowdhury, a turnaround and industry expert, will be appointed chief executive. Liberty Steel chief restructuring officer Jeffrey 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. “Much remains to be done but we are optimistic that a vibrant, well-funded, profitable and sustainable business will emerge as we systematically restructure and transform the group.”
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