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Sanjeev Gupta’s GFG Alliance strikes debt deal with Credit Suisse By Reuters



© Reuters. FILE PHOTO: Liberty Metal’s Sanjeev Gupta smiles outdoors the corporate’s Liberty Metal processing mill in Dalzell, Scotland, Britain April 8, 2016. REUTERS/Russell Cheyne

LONDON (Reuters) – The GFG Alliance stated on Sunday it had agreed a debt restructuring take care of Credit score Suisse (SIX:) for its Australian metal and coal mining belongings, and introduced plans to inject 50 million kilos ($68 million) into the restart of its Rotherham electrical furnace in the UK.

GFG, owned by commodities tycoon Sanjeev Gupta, has been scrambling to refinance its cash-starved net of companies in metal, aluminium and vitality after provide chain finance agency Greensill Capital filed for insolvency in March.

The debt restructuring for its Australia belongings will permit GFG to make a “substantial upfront fee” to Greensill Financial institution and Credit score Suisse, with the stability paid in instalments till the brand new maturity date of June 2023, an announcement from GFG stated.

Zurich-based Credit score Suisse had beforehand disclosed some $2.3 billion value of loans uncovered to monetary and litigation uncertainties inside Greensill-linked provide chain finance funds, with some $1.2 billion of its belongings associated to GFG.

Following the money injection into its UK metal enterprise, Liberty Metal, manufacturing will begin in October with a plan for output to achieve 50,000 tonnes per thirty days as quickly as attainable, the assertion stated.

Jeffrey S. Stein, the chief restructuring officer, stated within the assertion that new lenders in Europe had expressed curiosity in refinancing GFG’s metal belongings.

In Europe, GFG stated it had launched a authorized motion in opposition to non-public fairness agency AIP, which stated it had taken management of GFG’s smelter in Dunkirk, Europe’s largest major aluminium producer.

($1 = 0.7332 kilos)

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