GFG Alliance has vowed to fight US fund FGI’s bid to plunge West Midlands based Aartee Bright Bar by deciding to enforce its debts by going to court. GFG is seeking to block bankruptcy proceedings from going through, after Liberty Steel fully acquired Aartee Bright Bar’s parent company on 17 February with the intention of incorporating Aartee Bright Bar into its Liberty Steel Group subsidiary. Liberty Steels Chief Transformation Officer MrJeffrey Kabel said “GFG believes the administration is unjustified and unnecessary, and risks an ongoing insolvency process that will lead to significant job losses and a fire sale of the business’ assets. The alternative is clear: maintain the business as a going concern and integrate it into Liberty Steel’s UK operations, securing workers’ livelihoods and protecting a vital part of the UK’s steel supply chain and distribution network.”GFG Alliance also described the administration of Aartee Bright Bar Property as grossly inappropriate and advised that GFG is reserving its rights to commence ancillary proceedings to prevent a sale of the properties and for it to exit administration expediently.US fund FGI filed insolvency proceedings against Aartee Bright Bar in a process that saw Aartee Bright Bar forced to appoint Alvarez & Marshal as its bankruptcy administrator on 6 February. Aartee Bright Bar currently employs 250 people at its manufacturing facility in Willenhall near Wolverhampton.Aartee Bright Bar is owned by Mr Ravi Trehan, a former director of UK steel producer Liberty Steel Newport, other Liberty companies, and a number of entities linked closely with the Gupta Family Group Alliance. Mr Trehan also previously had a minority stake in Liberty Commodities. Mr Gianpiero Repole, former director of Liberty Commodities and business development manager at GFG, left his role as chief executive of Aartee Bright Bar in August 2022.
GFG Alliance has vowed to fight US fund FGI’s bid to plunge West Midlands based Aartee Bright Bar by deciding to enforce its debts by going to court. GFG is seeking to block bankruptcy proceedings from going through, after Liberty Steel fully acquired Aartee Bright Bar’s parent company on 17 February with the intention of incorporating Aartee Bright Bar into its Liberty Steel Group subsidiary. Liberty Steels Chief Transformation Officer MrJeffrey Kabel said “GFG believes the administration is unjustified and unnecessary, and risks an ongoing insolvency process that will lead to significant job losses and a fire sale of the business’ assets. The alternative is clear: maintain the business as a going concern and integrate it into Liberty Steel’s UK operations, securing workers’ livelihoods and protecting a vital part of the UK’s steel supply chain and distribution network.”GFG Alliance also described the administration of Aartee Bright Bar Property as grossly inappropriate and advised that GFG is reserving its rights to commence ancillary proceedings to prevent a sale of the properties and for it to exit administration expediently.US fund FGI filed insolvency proceedings against Aartee Bright Bar in a process that saw Aartee Bright Bar forced to appoint Alvarez & Marshal as its bankruptcy administrator on 6 February. Aartee Bright Bar currently employs 250 people at its manufacturing facility in Willenhall near Wolverhampton.Aartee Bright Bar is owned by Mr Ravi Trehan, a former director of UK steel producer Liberty Steel Newport, other Liberty companies, and a number of entities linked closely with the Gupta Family Group Alliance. Mr Trehan also previously had a minority stake in Liberty Commodities. Mr Gianpiero Repole, former director of Liberty Commodities and business development manager at GFG, left his role as chief executive of Aartee Bright Bar in August 2022.
