Sanjeev Gupta lines up BlackRock on deal to buy key steel business out of insolvency - FT中文网
登录×
电子邮件/用户名
密码
记住我
请输入邮箱和密码进行绑定操作:
请输入手机号码,通过短信验证(目前仅支持中国大陆地区的手机号):
请您阅读我们的用户注册协议隐私权保护政策,点击下方按钮即视为您接受。
钢铁

Sanjeev Gupta lines up BlackRock on deal to buy key steel business out of insolvency

Move sets up clash between metals magnate and creditors including UBS that are owed hundreds of millions of dollars
00:00

{"text":[[{"start":15.39,"text":"Sanjeev Gupta is lining up financing from BlackRock for a contentious scheme to buy a crucial remaining part of his Liberty Steel business in the UK out of insolvency, a move set to put the metals magnate on a collision course with creditors including UBS."}],[{"start":36.08,"text":"Gupta, whose GFG Alliance conglomerate has been beset by legal claims and criminal probes since the 2021 collapse of his main lender Greensill Capital, has turned to the US asset management firm’s funds to finance a plan to appoint administrators over his Speciality Steel business and then buy it out of insolvency, according to people familiar with the plan."}],[{"start":61.37,"text":"The fate of the Yorkshire-based steel business has been in limbo since an earlier attempt to restructure its debt through London’s High Court fell apart in May amid opposition from creditors, several of which have separately filed winding-up petitions to close down the company."}],[{"start":79.44999999999999,"text":"BlackRock has previously provided financing to several GFG companies, both before and after the metals group became embroiled in the Greensill scandal, most recently providing a loan to Gupta’s Australian steel recycling business, InfraBuild, in 2023. "}],[{"start":98.64999999999999,"text":"Gupta was hoping he could pave the way for the potential pre-packaged insolvency by settling a winding up petition from trade creditors led by Harsco, which were trying to close down the company over millions in unpaid bills. The metals magnate has lined up Begbies Traynor to oversee a potential pre-packaged insolvency, as first reported by Sky News."}],[{"start":124.25,"text":"But lenders that funded Greensill Capital’s financing for Speciality Steel have a far larger claim against the company and are opposed to the plans, under which they stand to lose money, according to people familiar with the matter. They include UBS, which inherited the exposure when it took over failing local rival Credit Suisse, and Greensill’s banking affiliate in Germany."}],[{"start":149.93,"text":"These creditors have previously claimed they are owed about £235mn plus interest by the company, which employs roughly 1,500 people across five sites in the north of England."}],[{"start":163.62,"text":"Greensill Capital, which is in an administration overseen by Grant Thornton, recently joined the winding-up petition as a supporting creditor, meaning Gupta cannot dismiss the process simply by settling claims from trade creditors."}],[{"start":180.16,"text":"A hearing at London’s High Court is scheduled on Wednesday in relation to the winding-up petition, although GFG has previously been able to obtain adjournments to give it time to rescue the business. "}],[{"start":194.24,"text":"The tussle over the future of Speciality Steel adds to the pressures and uncertainties facing the UK steel industry, after the government was forced this year to step in and seize control of British Steel."}],[{"start":209.47,"text":"“Liberty Steel’s dedicated UK workforce has had to live in a state of uncertainty for far too long — the chaos must end,” said Alasdair McDiarmid, assistant general secretary at steelworkers’ union Community. “We need to see a long-term solution which safeguards jobs and gets these strategically important assets producing again as soon as possible.”"}],[{"start":232.77,"text":"The efforts to pursue insolvency proceedings against Gupta’s business mark a shift in strategy for UBS, which had initially continued efforts by Credit Suisse to reach a consensual debt restructuring that would allow Gupta to maintain control of the vestiges of his steelmaking empire."}],[{"start":252.75,"text":"London’s High Court heard earlier this year that UBS and the other Greensill creditors, which are owed billions of pounds in total by the metals magnate’s businesses, were still trying to agree a new debt restructuring with GFG. But the latest proposal ended without agreement after authorities in South Australia seized control of a critical GFG steelworks in the region over “irredeemable” financial problems."}],[{"start":281.43,"text":"The brewing clash would add to Gupta’s legal woes around the world, which have seen him lose control of several businesses over the past year."}],[{"start":291.02,"text":"Gupta’s Singapore-based holding company Liberty House Group was placed in May into judicial management — a local process whereby courts appoint independent managers to restructure a troubled company — after a judge rejected a proposal from the metals magnate to make a “minuscule” payment to creditors equivalent to 1 per cent of their $4.2bn of outstanding claims."}],[{"start":316.90999999999997,"text":"The metals magnate is also being criminally prosecuted in the UK for failing to file accounts for scores of his businesses. GFG Alliance has separately been under investigation from the country’s Serious Fraud Office for nearly four years. Gupta is defending himself against these charges and GFG denies any wrongdoing."}],[{"start":338.29999999999995,"text":"Liberty Steel said discussions were “ongoing” to “finalise options” for Speciality Steel."}],[{"start":345.47999999999996,"text":"“We continue to work towards an outcome that best serves the interests of creditors, employees, and the broader community,” the company added."}],[{"start":354.78,"text":"UBS and BlackRock declined to comment. Grant Thornton did not immediately respond to a request for comment."}],[{"start":372.44,"text":""}]],"url":"https://audio.ftmailbox.cn/album/a_1755568033_3908.mp3"}

版权声明:本文版权归FT中文网所有,未经允许任何单位或个人不得转载,复制或以任何其他方式使用本文全部或部分,侵权必究。

电商销售额飙升,沃尔玛强势进军纽约市

这家零售商的线上业务蓬勃发展,在实体店被禁止入驻的城市里与亚马逊展开竞争。

海贼王“草帽海盗旗”如何成为Z世代反叛的象征

全球各地的年轻抗议者纷纷以日本动漫《海贼王》中的“草帽海盗旗”为旗帜,投身争取政治变革的斗争。

Lex专栏:TikTok作为购物平台正经历品牌升级

奢侈品市场的下一阶段将与社交媒体平台深度重叠。

Lex专栏:企业可以押注政治人士对沙特的青睐

对企业而言,随政治人士起舞并不容易,但有时确实会带来机会。

“鸿沟正在拉大”:走进特朗普的“K型”经济

在这位美国总统的第二个任期里,富者更富,贫者更贫。

科技集团将1200亿美元AI数据中心债务转至表外

创新的融资模式为大型科技公司筑起“防护墙”,但同时也让华尔街跟着“一荣俱荣,一损俱损”。
设置字号×
最小
较小
默认
较大
最大
分享×