LIBERTY Steel Group, which is part of Sanjeev Gupta’s Gupta Family Group Alliance (GFG), has announced it will look to sell its aerospace and special alloys steel business in Stocksbridge, South Yorkshire.
The business says that following meetings at the weekend in Dubai, Gupta and his newly-formed Restructuring and Transformation Committee are in “advanced discussions” with Credit Suisse Asset Management (CS) to reach a formal standstill agreement on its LIBERTY Primary Metals Australia business while refinancing is completed that will repay CS out in full.
It adds both parties also made significant progress in agreeing a framework to resolve GFG Alliance’s remaining exposure with CS.