• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

Sanjeev Gupta’s GFG Alliance strikes debt deal with Credit Suisse

October 10, 2021 by David Barret Leave a Comment

October 10, 2021

LONDON (Reuters) – The GFG Alliance said on Sunday it had agreed a debt restructuring deal with Credit Suisse for its Australian steel and coal mining assets, and announced plans to inject 50 million pounds ($68 million) into the restart of its Rotherham electric furnace in the United Kingdom.

GFG, owned by commodities tycoon Sanjeev Gupta, has been scrambling to refinance its cash-starved web of businesses in steel, aluminium and energy after supply chain finance firm Greensill Capital filed for insolvency in March.

The debt restructuring for its Australia assets will allow GFG to make a “substantial upfront payment” to Greensill Bank and Credit Suisse, with the balance paid in instalments until the new maturity date of June 2023, a statement from GFG said.

Zurich-based Credit Suisse had previously disclosed some $2.3 billion worth of loans exposed to financial and litigation uncertainties within Greensill-linked supply chain finance funds, with some $1.2 billion of its assets related to GFG.

Following the cash injection into its UK steel business, Liberty Steel, production will start in October with a plan for output to reach 50,000 tonnes per month as soon as possible, the statement said.

Jeffrey S. Stein, the chief restructuring officer, said in the statement that new lenders in Europe had expressed interest in refinancing GFG’s steel assets.

In Europe, GFG said it had launched a legal action against private equity firm AIP, which said it had taken control of GFG’s smelter in Dunkirk, Europe’s largest primary aluminium producer.

($1 = 0.7332 pounds)

(Reporting by Zandi Shabalala; Editing by Jan Harvey)

Source Link Sanjeev Gupta’s GFG Alliance strikes debt deal with Credit Suisse

David Barret
David Barret

Related posts:

  1. Marketmind: Pandeconomics part 2
  2. Czech president Zeman taken to hospital, waves to camera – media
  3. Tech sell-off drags European stocks lower
  4. Hollywood off screen union members authorize strike if talks fail

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • The Talipot Palm Produces 24 Million Flowers, “The Most Prolific Sexual Spectacle Of The Plant Kingdom”
  • Fibermaxxing: Valid Health Hack Or A Fast Pass To Flatulence?
  • Spanish Flu Genome Resurrected From 107-Year-Old Lung, Revealing Deadly Mutations
  • A NASA Nuclear Reactor On The Moon? Bold Proposal Is Unfeasible By 2030 – Here’s Why
  • Giant Virus With Longest-Ever Tail Lurks In The Pacific Ocean
  • This Danish Zoo Wants You To Donate Your Pets To Feed Its Predators
  • An “Unknown Biogeographic Barrier” Stops Deep-Sea Jellyfish Crossing The Atlantic
  • Some Giant Predatory Dinosaurs Had Barks (Or At Least Slashes) Worse Than Their Bite
  • World-First Gene Therapy Improves Vision For Man With Rare, Previously Untreatable Form Of Blindness
  • Exceptional 183-Million-Year-Old Fossil With Soft Tissues Intact Is New Species Of Giant Marine Reptile
  • White Raven: This Normally Black Bird Can Be Surprisingly Pale
  • Solar Systems 100 Times Smaller Than Ours Are Possible – Thanks To Rogue Planets
  • North Sea “Sinkites” Appear To Defy Rules Of Geology On Never-Before-Seen Scale
  • The Iberian Ribbed Newt Might Just Have The World’s Most Metal Defense Mechanism
  • There’s Only One Black Moon In 2025 And It’s Happening This Month
  • For First Time In Decades, Winter-Run Chinook Salmon Spotted In Upstream Californian River
  • JWST Shines New Light On 2500 Sources In Iconic Hubble Ultra Deep Field Image
  • Humans And Neanderthals Hooked Up Three Times. Here’s Where It Happened
  • What Happened To Percy Fawcett? The Explorer Who Went In Search “The Lost City Of Z”
  • COVID-19 And Flu Could “Reignite” Dormant Cancer Cells And Bring On New Tumors
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version