LIBERTY reaches agreement in principle with creditors on global debt restructuring
PR98812
LONDON, November 15, 2022 /PRNewswire=KYODO JBN/--
LIBERTY Steel Group ("LIBERTY")'s Restructuring and Transformation Committee
(RTC) today announces that LIBERTY has signed a term sheet subject to contract
on an agreement in principle ("the Agreement") for a debt restructuring with
parties responsible for the main creditors of Greensill Capital (UK) Limited,
Greensill Bank AG and Credit Suisse Asset Management (Switzerland) Limited
("the Creditors"), a major step in the Group's refinancing.
LIBERTY and Greensill Bank as main creditors are in the process of negotiating
a similar term sheet for the debt restructuring of LIBERTY's European steel
businesses.
The Agreement remains subject to documentation and the respective internal
approvals. All parties will now work to prepare and execute the Agreement,
providing LIBERTY with the platform to develop longer term sustainable
financing. Under the agreement, the parties have adjourned the winding up
petitions against LIBERTY entities.
The Agreement will allow LIBERTY to further advance its GREENSTEEL strategy and
industry leading ambition to become carbon neutral by 2030.
Jeffrey Kabel, Chief Transformation Officer, LIBERTY Steel Group said:
"After several months of negotiations, we have now reached an agreement in
principle that will provide recovery for the Creditors and will significantly
deleverage and derisk LIBERTY. This is a major step forward in our
restructuring and transformation and we will now work at pace with the
Creditors to prepare and execute the Agreement."
Notes
- Incorporates all major Greensill creditors; Credit Suisse Asset Management,
Greensill Bank and Greensill Capital (UK) Limited.
- Repayment will be made through a combination of lump sum, scheduled and
bullet repayments.
Note to the editors:
LIBERTY Steel Group, part of the GFG Alliance and a leading GREENSTEEL
producer, is a global integrated steel business bringing together assets across
the steel supply chain, from production of liquid steel from raw and recycled
materials through to high value precision engineered steels. With a total
rolling capacity of 20 million tonnes, 200+ manufacturing locations globally
across 10 countries and employing more than 30,000 people, LIBERTY Steel's
furnaces, mills, services centres and distribution sites across the UK,
continental Europe, Australia, the United States and China serve demanding
sectors such as construction, energy, aerospace, automotive, and
infrastructure. LIBERTY Steel is a leader in sustainable industry with a
mission to become Carbon Neutral by 2030 (CN30).
www.libertysteelgroup.com
www.gfgalliance.com
SOURCE: LIBERTY Steel Group
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