- June 28, 2021
- Posted by: Stratford Team
- Category: Business
LONDON, June 28 (Reuters) – The GFG Alliance owned by commodities tycoon Sanjeev Gupta said on Monday it was progressing with a major restructuring which will allow it to pay back creditors after its main lender Greensill Capital collapsed in March.
“This in turn will allow GFG to refocus its business, protect jobs and develop further its remaining assets,” it said in a statement.
GFG has been under pressure to find refinancing for its cash-starved web of businesses in steel, aluminium and energy after supply chain finance firm Greensill filed for insolvency.
Gupta’s business said on Monday it had agreed a framework with Greensill Bank’s administrators for “positive direct engagement to achieve an amicable resolution”, giving no further details.
Monday’s announcement comes after GFG and Credit Suisse (CSGN.S) said last week they had reached a standstill agreement on Australian steel and coal mining assets, which will allow the full refinancing of that…