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Liberty Steel files last-resort restructuring plan.
Key creditors oppose; decision pending.
1,500 jobs and UK steel output at stake.
Liberty Steel, one of the UK’s largest steelmakers, has made a final effort to save its UK assets by proposing a major debt restructuring plan for its Speciality Steel UK (SSUK) division. The company, facing debts of £619 million, has filed for a court-backed restructuring under Part 26A of the Companies Act 2006.
The proposal has support from some customers and creditors but faces opposition from major lenders, including Greensill Capital. A crucial court hearing in mid-May will decide whether the plan proceeds, potentially saving around 1,500 jobs.
Liberty Steel’s crisis began after the collapse of Greensill Capital in 2021, leaving the company in a severe liquidity crunch. Production at its key Rotherham and Motherwell plants has been suspended since July 2024. The company plans to inject £50 million to restart operations at Rotherham and may sell its Stocksbridge site to repay debts.
The UK government is monitoring the situation closely due to the plant's importance to national industries like aerospace and defense. A decision is expected soon.
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