London | Embattled industrialist Sanjeev Gupta, owner of the Whyalla steelworks, will head to the UK courts to seek his creditors’ backing, yet again, for a plan to fend off insolvency at some of his British steel mills.
In a short statement, Mr Gupta’s Liberty Steel gave no indication of what the latest restructuring plan was. But the company said the deal would help ease the debt load amassed after the 2021 collapse of Mr Gupta’s funder Greensill Capital, and would also ensure that the 1500 workers kept their jobs.
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Hans van Leeuwen covers British and European politics, economics and business from London. He has worked as a reporter, editor and policy adviser in Sydney, Canberra, Hanoi and London. Connect with Hans on Twitter. Email Hans at hans.vanleeuwen@afr.com
