• Business

    Liberty Steel secures time with Greensill as debt rstructuring continues

    Liberty Steel Group has entered a standstill agreement with Greensill Bank. It pauses all enforcement actions between the South Yorkshire headquartered business and the subsidiary of the collapsed financial institution as it focuses on recovery. Greensill Bank, part of Greensill Capital, is Liberty’s largest creditor on the business’s debt facilities, provided in 2019. Read more:£26m British Steel Special Profiles upgrade given the go-ahead The agreement lasts until October 31, with potential to extend until the end of the year. Liberty said it will enable the company to develop a longer term sustainable financing structure, with detailed due diligence and information exchange continuing between the two parties. A Liberty spokesperson said:…