Sanjeev Gupta's GFG signs refinancing deal for Whyalla steelworks

Sanjeev Gupta's GFG signs refinancing deal for Whyalla steelworks

GFG said the offer of financing is subject to conditions and documentation being signed, but that process had already started and was expected to be completed within four weeks. The refinancing agreement could mean a potential alteration in the timetable for court action taken by Swiss financial giant Credit Suisse, which is scheduled to be heard in the NSW Supreme Court on Thursday. An application was filed in early April on behalf of Credit Suisse for “winding up in insolvency” against GFG Alliance’s OneSteel Manufacturing, which operates the Whyalla Steelworks, and GFG’s Tahmoor Coal. The refinancing of the debt for the Whyalla steelworks will be a major fillip for the town of Whyalla in South Australia, which relies heavily on the steelworks for local employment. South Australian Premier Steven Marshall said it was an important day for the Whyalla community and hard-working people at the Whyalla steelworks. “The workers of Whyalla deserve enormous credit for the recent, much improved performance of the Whyalla steelworks, which has contributed to this refinancing,” Mr Marshall said. “The South Australian and Federal governments have …
More on: www.afr.com