LIBERTY Steel Entered Into Milestone Debt Restructuring Deal with Creditors

SEATTLE (Scrap Monster): LIBERTY Steel Group has signed an agreement in principle with creditors on restructuring of its. As per the announcement made by LIBERTY’s Restructuring and Transformation Committee (RTC), an agreement was reached with parties responsible for the main creditors of Greensill Capital (UK) Limited, Greensill Bank AG and Credit Suisse Asset Management (Switzerland) Limited.

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Accordingly, the parties announced that they will wind up petitions against LIBERTY entities and will work towards preparing and executing the agreement. The final agreement is subject to documentation and necessary internal approvals. The ratification of the agreement will help LIBERTY to proceed with its GREENSTEEL strategy, driving it towards achieving the ambitious carbon neutral goal set for 2030.

The company, along with its main creditor Greensill Bank are reportedly negotiating a similar debt restructuring agreement for its European steel businesses.

Jeffrey Kabel, Chief Transformation Officer, LIBERTY Steel Group stated that the agreement has been reached after several months of negotiation. It will not only provide recovery for creditors, but also derisk the company. He termed the agreement as a major step forward in LIBERTY’s restructuring and transformation efforts.