GFG Alliance in Talks with White Oak to Inject Liquidity
City AM reported that Mr Sanjeev Gupta’s metals giant GFG Alliance is reportedly carving out a deal with White Oak Global Advisors for the refinancing of his European operations. The report cited people familiar with the matter as saying “The deal, which would circle GFG’s steel mills in Romania and the Czech Republic, could end months of uncertainty for thousands of steelworkers.”
The US private finance group has already swooped in to offer fresh funding for GFG’s Australian steel plant and mines but talks including other parts of Mr Gupta’s empire have started taking place. If both parties agree, it could see Mr Gupta’s UK operations also hoisted from uncertainty by White Oak.
White Oak had previously offered a GBP 200 million loan to GFG’s UK assets which were clawed back after the Serious Fraud Office confirmed its investigation into suspected fraud at metals giant. GFG has denied any wrongdoing throughout the probe