Sanjeev Gupta’s GFG finds funding to avert shut down of Australia operations
Liberty Primary Metals Australia agrees terms to refinance its exposure to the failed Greensill just hours before Credit Suisse court hearing
05 May 2021 - 18:58Harry BrumptonSanjeev Gupta. Picture: BLOOMBERG/BRENDON THORNEThe Australian operations of steel magnate Sanjeev Gupta’s GFG Alliance has found funding to pay off its debts and continue running, according to a statement.Liberty Primary Metals Australia reached terms to refinance its exposure to the failed Greensill Capital, the statement said Wednesday, effectively rescuing operations including the Whyalla steelworks and the Tahmoor coal mine.
The units were first among Gupta’s sprawling and troubled global interests to face the prospect of either being shuttered or needing a government bailout. The new funding comes just hours before Australia’s New South Wales supreme court was due to hear an attempt by GFG counterparty Credit Suisse to force the business to be wound-up as part of an attempt to seize assets.
GFG declined to comment on who provided the funding. Bloomberg reported in April that Bain Capital Credit, Oaktree Capital Group and White Oak Global Advisors were in talks with the Australian business about filling the borrowing gap from Greensill Capital. headtopics.com
The Australian Financial Review reported White Oak as the funding party after the announcement on Wednesday. The San Fransisco-based firm did not immediately respond to requests for comment outside regular business hours in the US.The offer is subject to customary conditions precedent and documentation, a process which has commenced and is expected to complete within four weeks, according to GFG’s statement.Read more: Business Day »
LIVESTREAM: Ramaphosa answers NCOP questions
President Cyril Ramaphosa answers questions in a virtual plenary sitting.
Greatest trader of all time MALYAROVALARA_ I never believe it until I experience it. For a start I deposited a little capital to test the water, in 1 week I got a return.....her diligence and honesty is undeniable MALYAROVALARA_ I will always tell you about KevinKatch2 he's one in a million I make money from home despite the world pandemic inbox him to know more about his crypto/trade offers .🙏🏻🙏🏻
Sanjeev Gupta lending efforts: is White Oak in or out?The financial backer has sent mixed messages in the wake of a probe into possible fraud and money laundering at GFG Alliance
Transnet plans to shutdown South African ports for system upgradeIN A MOVE aimed at improving efficiencies, Transnet Port Terminals will temporarily shut down its operations at the country's eight port terminals to upgrade its terminal operating technology. Just an excuse to shut it down
The places where our memories live: Heritage museums need funding and visitors to survive, or we risk losing our historyWith Covid-19 shutting down the industry and cutting off revenue streams, some heritage museums have temporarily shut their doors or are on the brink of permanent closure. Who in this government cares a fuck about museums? Get off cloud nine! Wow. Still busy destroying the museums that were all over SA in the past. Now suddenly 'our history' is important. Did I misunderstand the 'our' to include all South Africans. Sorry.
Undertakers dead serious about shutting down Home Affairs | The CitizenThe country's funeral directors and undertakers are threatening to shut down the Department of Home Affairs HQ in Pretoria on Tuesday.
Chris Brown's party shut down by police | ChannelIt's reported that a large crowd was dispersed at the Los Angeles home of R&B singer and actor Chris Brown on Thursday.