How much debt does Liberty Steel owe to Greensill Capital?

Question

Accepted Answer

Liberty Steel Owes Billions of Pounds to Greensill Capital

Liberty Steel's owner, Sanjeev Gupta, has stated that the business owes "many billions" of pounds to the collapsed lender Greensill Capital. Despite the significant debt, Gupta indicated substantial interest from new financiers eager to refinance the outstanding amount. He also highlighted the substantial global presence of his businesses, including steel, aluminium, and renewable energy, suggesting this scale should be considered in any recovery discussions.
Substantial Financial Exposure to Greensill Capital

Sanjeev Gupta confirmed that Liberty Steel's financial obligations to Greensill Capital amount to "many billions" of pounds. This debt represents a significant challenge following Greensill Capital's failure. However, Gupta expressed confidence in securing new financial backing to address this liability.
Significant Interest from New Financiers

Gupta revealed that there is considerable interest from new financial institutions willing to provide refinancing for the debt owed to Greensill Capital. This suggests a potential pathway to restructuring Liberty Steel's financial commitments. He noted that such processes naturally require time and necessitate short-term solutions to maintain operations.
Warning Against Creditor Actions

Gupta cautioned creditors against actions that could jeopardise the business and lead to job losses. He argued that shutting down operations or destroying value would ultimately harm creditors' recovery prospects. Positive discussions have reportedly taken place with Grant Thornton, the administrator for Greensill, regarding the situation.
Global Scale of Liberty's Businesses

Gupta emphasized the substantial global scale of Liberty's operations, which include being one of the world's largest steel companies, a significant aluminium business, and a considerable renewable energy venture. He believes this scale should inform the perspective on the debt and the potential for recovery. He further assured that no steel plants would be closed under his stewardship.

Reading history

Hide →

This history is cleared when the page is closed.

How much debt does Liberty Steel owe to Greensill Capital?

Loading

Was this article helpful?

Helpful

Not helpful

Report an issue

1

0

0

Share with friends