Global conglomerate GFG Alliance is set to acquire financing worth £200mn ($278mn) from UK-based White Oak Advisors to help its UK steel businesses.
The funds are subject to Credit Suisse’s due diligence and approval, according to media reports on Friday.
White Oak’s funding will enable GFG’s UK steel plants to increase production and leverage rising steel prices. Earlier this week, GFG had agreed to terms for another loan for its Australian steel business.
The group has been struggling with cash flows, especially within its Liberty Steel facilities in the UK, since the bankruptcy filing of its biggest financier Greensill Capital in March this year.