Mr Gupta Progressing on Australian Ceasefire
The Sunday Times reported that Mr Sanjeev Gupta is close to signing a deal with Credit Suisse that would allow him to keep hold of his Australian steelworks. As per report “Gupta is in advanced talks with US lenders White Oak and Guggenheim Partners on refinancing his Whyalla plant and mines. It has signed a standstill agreement that halts legal action for six weeks. Refinancing would allow Credit Suisse to recoup about USD 250 million.”
GFG said it is making positive progress on the debt deal.
Credit Suisse has been pursuing legal action to claw back its USD 1.2 billion exposure to Gupta’s GFG empire, lent via Greensill, the bust finance firm.