Liberty Steel owner GFG Alliance is in discussions with US lender, White Oak, to refinance its operations, reported local media.
Industrialist Sanjeev Gupta has run the metals group and is looking for financiers since early March, post-Greensill Capital collapse, GFG stated. In addition to this, the company is facing financial troubles at its UK Steel plants and is struggling to curb losses attached with operations, including the purchase of raw material.
White Oak has already stepped in GFG’s steel coal operations in South Australia through a deal finalized in May.
The US lender was previously in talks with Gupta over a potential loan worth $200mn for Liberty Steel UK, but after the fraud and money laundering case surfaced, they backed away.