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Gupta’s Liberty Steel agrees standstill deal with Greensill Bank

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Reuters UK

LONDON (Reuters) – The Liberty Steel group owned by commodities tycoon Sanjeev Gupta said it has reached a standstill agreement with its largest creditor Greensill Bank on debt facilities for its European business. Gupta’s family conglomerate, GFG Alliance, has been scrambling to arrange refinancing for its cash-starved web of businesses in steel, aluminium and energy after supply chain finance firm Greensill filed for insolvency in March last year. German-based Greensill Bank is a subsidiary of Greensill Capital, which lent money to firms by buying their invoices at a discount, but collapsed …

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