Creditors to Liberty Steel Newport have appointed Begbies Traynor and Kroll as joint liquidators to oversee a wind-down of the historic Welsh steelworks. The 50-year-old plant, which produces hot-rolled coil, was the first acquisition in Sanjeev Gupta’s UK steel empire. Greensill Capital, a major creditor, went into administration in 2021 after billions in exposure to Gupta’s GFG Alliance. The insolvency follows a winding-up petition from another creditor.
The UK government previously took over Speciality Steel UK after a court deemed it “hopelessly insolvent.” The Newport site has 180 employees and last filed audited accounts in 2019. Gupta faces criminal charges for failing to file accounts for over 70 entities.
Source: Financial Times Companies · Summarized by HeadlinesBriefing