Liberty Liege-Dudelange Secures Loan from Belgium Government
Argus reported that Belgium's Walloon Government’s Vice President Mr Willy Borsus said that the government is making a loan to Liberty Steel to enable the company to continue operating its Liege-Dudelange business while a buyer is found. The loan is subject to the organisation of a sale procedure, but the government did not reveal the sum involved. He told "The objective of the region is to be able to examine all avenues to enable one or more buyers to come forward, on the basis of a credible industrial project, to propose a resumption of Liberty Liege-Dudelange activities. Walloon region investment firm Sogepa will extend the loan, which is subject to strict conditions including the organisation of a sale.”
The Walloon government is also in talks with Luxembourg regarding the Dudelange plant.
Liberty Liege-Dudelange has been in judicial reorganisation since 11 May. The plant is in a bad financial condition following the bankruptcy of Greensill Capital, Liberty's main financial backer, and, according to local unions, there is only one way out of this situation and that is the sale of the plant