Sanjeev Gupta’s Liberty Steel reaches standstill deal on refinancing debt

Gupta group reach agreement with its largest creditor.

Sanjeev Gupta’s Liberty Steel has agreed a deal with Greensill Bank as it aims to refinance its debts, the Financial Times has reported.

The company, part of Gupta’s GFG Alliance group, said it had reached a standstill agreement with Germany’s Greensill Bank AG on debt facilities relating to its European steel operations.

The deal is valid until the end of October and could be extended until the end of the year.

“[The] standstill agreement with Greensill Bank demonstrates we are getting close to a consensual debt restructuring that is in the best interests of all our stakeholders,” Liberty Steel said in a statement.