A spokesman for Liberty’s parent company, GFG Alliance, confirmed that some parts of the business would be “operating intermittently”. Unions are hopeful that financing will be secured and believe the steel business can be profitable. This week, GFG hired investment bankers from PJT Partners, the restructuring advisers Alvarez & Marsal and the law firm Norton Rose Fulbright to help in negotiations with the administrators. The timing of GFG’s cash needs have not been disclosed, and it is thought that detailed knowledge of the Greensill loans is limited to a tight-knit circle around Gupta. Unions representing the steel workers want the government to give assurances that it will step in to save production if a funding deal falls through.

Source: The Guardian March 12, 2021 13:52 UTC