Sanjeev Gupta’s GFG vows to fund steel producer ABB’s fight against New York bankruptcy case Steel saviour Sanjeev Gupta’s GFG Alliance has set out its plan to block steel producer Aartee Bright Bar (ABB) from being forced into bankruptcy. The conglomerate, which fully acquired the Midlands company last month, said it would ask a court to block New York investment fund FGI from plunging ABB into insolvency. GFG said its rescue plan [...]
GFG tycoon Sanjeev Gupta vows to fight UK steelmaker’s bankruptcy and save hundreds of jobs Sanjeev Gupta Sanjeev Gupta’s GFG Alliance has vowed to “fight” a New York investment fund’s bid to plunge one of its major customers into bankruptcy after fully acquiring the firm earlier this month. GFG is seeking to block West Midlands steel products maker Aartee Bright Bar from collapsing into insolvency after the manufacturer’s main creditor, FGI, decided [...]
Liberty Steel in rescue deal for collapsed Aartee after tycoon Sanjeev Gupta steps in Merger Collapsed steel firm Aartee Bright Bar is set to be merged with Liberty Steel Group after steel tycoon Sanjeev Gupta stepped in to take over the business. GFG Alliance, owned by Mr Gupta and his family, has bought Aartee and filed an application to challenge the administration, it revealed on Friday. The rescue deal comes [...]
Liberty Steel to slash 440 jobs in next phase of ‘restructuring’ January 12, 2023 Liberty Steel is to implement the next phase of its restructuring programme which could affect up to 440 jobs, the company has announced. Liberty, part of the GFG Alliance, said it will offer an alternative to redundancy through a programme which aims to retain, redeploy and reskill affected workers. Workers will be offered a level [...]
Gupta’s UK steel business strikes nears deal with creditors to stave off bankruptcy November 15, 2022 The UK arm of Sanjeev Gupta’s steel empire has struck a preliminary deal with major creditors that could let it stave off insolvency proceedings by restructuring its debts. Liberty Steel Group has reached a preliminary agreement with Credit Suisse Asset Management, Greensill Capital, and Greensill Bank to restructure its debts, the steelmaker said in a [...]
Sanjeev Gupta’s auditor King & King quit over lack of evidence September 21, 2022 The tiny firm that audits the accounts of Sanjeev Gupta’s steelmaking empire has said it resigned from auditing four of the magnate’s companies due to being unable to complete its audits because a “lack of sufficient information.” In a letter filed to Companies House, King & King said it had resigned as auditor four of [...]
Auditor to Sanjeev Gupta’s metals empires cuts ties to at least two key firms September 15, 2022 The little-known firm responsible for audits the accounts of Sanjeev Gupta’s metals empire has resigned from at least two of the embattled magnate’s core firms, following the launch of a probe in May. Two-office accounting firm King & King has resigned as auditor from Liberty Specialty Steels and Liberty Steel Dalzell, Companies House filings show. [...]
Sanjeev Gupta’s Liberty Steel strikes deal with largest creditor to hold off enforcement actions June 14, 2022 Sanjeev Gupta’s Liberty Steel Group has struck a deal with its largest creditor to give it more time to refinance its debts. The embattled steel manufacturer has agreed a “standstill agreement” with collapsed German financier Greensill Bank to pause all enforcement actions against Liberty, over debt facilities provided to the firm in 2019. The deal [...]
Thousands of jobs at risk after Sanjeev Gupta’s GFG Alliance loses bid to throw winding up order out of court June 9, 2022 Three of the firms that make up Sanjeev Gupta’s steel empire could be plunged into administration imminently, after a court rejected GFG Alliance’s bid to have a winding up order thrown out of court. The court ruled that the metals group’s financial difficulties were not due to Covid-19, as it rejected GFG Alliance’s claims the [...]
UK watchdog launches probe into tiny accountancy firm King & King over Sanjeev Gupta audits May 4, 2022 The UK’s accounting watchdog has launched an investigation into four audits carried out by little-known accountancy firm King & King, of firms linked to embattled steel magnate Sanjeev Gupta. The Financial Reporting Council (FRC) said it would be probing King & King’s audits of financial results posted by four of separate companies linked to Sanjeev [...]