Reuters
Liberty Steel, owned by commodities tycoon Sanjeev Gupta, has reached an agreement with major creditors after raising capital, paving the way for a restructuring of its British business, it said on Thursday. Liberty is part of Gupta's family conglomerate, GFG Alliance, which has been refinancing its businesses in steel, aluminium and energy after its backer, supply chain finance firm Greensill, filed for insolvency in March 2021. The capital increase includes a $350 million bond issue by one of its Australian units through Jefferies and a $350 million asset-backed term loan from BlackRock and Silver Point Finance, a statement said.