LIBERTY Steel Group’s Restructuring and Transformation Committee announced that LIBERTY has signed a term sheet subject to contract on an agreement in principle for a debt restructuring with parties responsible for the main creditors of Greensill Capital (UK) Limited, Greensill Bank AG and Credit Suisse Asset Management (Switzerland) Limited, a major step in the Group’s refinancing. LIBERTY and Greensill Bank as main creditors are in the process of negotiating a similar term sheet for the debt restructuring of LIBERTY’s European steel businesses. The Agreement remains subject to documentation and the respective internal approvals. All parties will now work to prepare and execute the Agreement, providing LIBERTY with the platform to develop longer term sustainable financing. Under the agreement, the parties have adjourned the winding up petitions against LIBERTY entities. The Agreement will allow LIBERTY to further advance its GREENSTEEL strategy and industry leading ambition to become carbon neutral by 2030.
LIBERTY Steel Group’s Restructuring and Transformation Committee announced that LIBERTY has signed a term sheet subject to contract on an agreement in principle for a debt restructuring with parties responsible for the main creditors of Greensill Capital (UK) Limited, Greensill Bank AG and Credit Suisse Asset Management (Switzerland) Limited, a major step in the Group’s refinancing. LIBERTY and Greensill Bank as main creditors are in the process of negotiating a similar term sheet for the debt restructuring of LIBERTY’s European steel businesses. The Agreement remains subject to documentation and the respective internal approvals. All parties will now work to prepare and execute the Agreement, providing LIBERTY with the platform to develop longer term sustainable financing. Under the agreement, the parties have adjourned the winding up petitions against LIBERTY entities. The Agreement will allow LIBERTY to further advance its GREENSTEEL strategy and industry leading ambition to become carbon neutral by 2030.
