Eastern Eye has reported that Liberty Steel Group is yet to repay the GBP 7 million loans it secured from the Scottish government for the revival of Dalzell and Clydebridge steel plants in Scotland which were previously owned by Tata Group. Scottish Enterprise, a public body which encourages investments and economic development, said in its most recent annual report that the entire loan amount was due from Liberty, although it noted the interest accrued was being paid. Scottish Enterprise said “It continues to work with Liberty to explore avenues of support and remain in discussion regarding repayment of the loan funding. The company was meeting the current interest payments due on the loan.” Liberty, part of the wider GFG Alliance, got the three-year repayable commercial loan in 2016 while taking over the ailing Dalzell and Clydebridge steel plants which were previously owned by Tata Group. While Mr Sanjeev Gupta was regarded as a savior of the UK’s steel industry, his business enterprises expanded worldwide including in Australia and the US. However, the GFG Alliance ran into rough weather with the stunning collapse of its main backer Greensill in 2021. In November last year, Liberty said it had struck a debt restructuring deal with creditors of Greensill after months of negotiations. Credit Suisse Asset Management is among Greensill’s main creditors.
Eastern Eye has reported that Liberty Steel Group is yet to repay the GBP 7 million loans it secured from the Scottish government for the revival of Dalzell and Clydebridge steel plants in Scotland which were previously owned by Tata Group. Scottish Enterprise, a public body which encourages investments and economic development, said in its most recent annual report that the entire loan amount was due from Liberty, although it noted the interest accrued was being paid. Scottish Enterprise said “It continues to work with Liberty to explore avenues of support and remain in discussion regarding repayment of the loan funding. The company was meeting the current interest payments due on the loan.” Liberty, part of the wider GFG Alliance, got the three-year repayable commercial loan in 2016 while taking over the ailing Dalzell and Clydebridge steel plants which were previously owned by Tata Group. While Mr Sanjeev Gupta was regarded as a savior of the UK’s steel industry, his business enterprises expanded worldwide including in Australia and the US. However, the GFG Alliance ran into rough weather with the stunning collapse of its main backer Greensill in 2021. In November last year, Liberty said it had struck a debt restructuring deal with creditors of Greensill after months of negotiations. Credit Suisse Asset Management is among Greensill’s main creditors.
