Liberty Steel Group has reached an agreement with creditors on global debt restructuring following the collapse of Greensill Capital.
The South Yorkshire-headquartered business told how winding up petitions that threatened its operations have now been adjourned, describing the move with Greensill Bank AG and Credit Suisse Asset Management as a “major stp in the group’s refinancing”.
It is now in the process of negotiating a similar term sheet for the debt restructuring of the European businesses. The agreement remains subject to documentation and the respective internal approvals, with all parties working towards execution “providing Liberty with the platform to develop longer term sustainable financing”.
