Whyalla Steelworks parent company GFG Alliance have today reached a new agreement with one of their main creditors.
In a statement released today, GFG chairman Sanjeev Gupta announced an agreement for the settlement of its debts with Greensill Capital.
According to the statement, the new deal marks the final chapter of GFG’s debt settlement, which had been under negotiation since Greensill’s collapse in 2021.
In Australia, the development means that GFG’s InfraBuild business will finalise its FY 2024 accounts, and supports new capital for LIBERTY Primary Metals Australia, including the Whyalla steelworks.
GFG has taken the decision to launch an expedited process to sell part or all of its equity in Tahmoor Coking Coal mine, with some of the proceeds being available for reinvestment in Whyalla to catch up with supplier payments and boost liquidity, subject to board approval.
It was reported by News Corp earlier this morning that GFG owes approximately $300 million in debt, including to local small businesses.
