Local media Levenir reported that the workers of the Liberty Steel company in Tilleur and Flémalle in province of Liège in Belgium learned during an extraordinary works council that the recovery plan planned to avoid bankruptcy would not succeed. The court risks considering that the commitments made are not respected and it can decide on a liquidation or a judicial reorganization procedure. Without this plan and the 10 million euros announced in the fall, more than 600 jobs are at risk. FGTB Métal Regional Secretary Mr Jean-Luc Lallemand said "We never really believed in the plan because, since the resumption of Liège, the group had not shown much clarity in terms of its finances. It's not surprising, but it's a shame that we have had to undergo the management of the company by this owner.”Last November, the decision of the Commercial Court made it possible to take Liberty Steel's Liège establishment in Tilleur and Flémalle out of its judicial reorganization procedure on the basis of a plan presented by GFG Alliance. This plan notably guaranteed refinancing and debt clearance by Liberty Galat. The Romanian subsidiary was to become the main supplier of hot-rolled coils and enable a supply of raw material.
Local media Levenir reported that the workers of the Liberty Steel company in Tilleur and Flémalle in province of Liège in Belgium learned during an extraordinary works council that the recovery plan planned to avoid bankruptcy would not succeed. The court risks considering that the commitments made are not respected and it can decide on a liquidation or a judicial reorganization procedure. Without this plan and the 10 million euros announced in the fall, more than 600 jobs are at risk. FGTB Métal Regional Secretary Mr Jean-Luc Lallemand said "We never really believed in the plan because, since the resumption of Liège, the group had not shown much clarity in terms of its finances. It's not surprising, but it's a shame that we have had to undergo the management of the company by this owner.”Last November, the decision of the Commercial Court made it possible to take Liberty Steel's Liège establishment in Tilleur and Flémalle out of its judicial reorganization procedure on the basis of a plan presented by GFG Alliance. This plan notably guaranteed refinancing and debt clearance by Liberty Galat. The Romanian subsidiary was to become the main supplier of hot-rolled coils and enable a supply of raw material.
