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British Steel on verge of collapse as government talks stall

British Steel on verge of collapse as government talks stall
Wednesday 22
1:40 2019

British Steel could fall into administration as soon as Wednesday, putting 5,000 jobs directly at risk and endangering thousands more in the supply chain, after talks to secure an emergency £30m loan from the government stalled. The UK’s second-largest steel producer is on the verge of collapse following inconclusive talks with the business secretary, Greg Clark. Accountancy firm EY has been lined up as administrator if it goes under. British Steel, which is owned by the private equity group Greybull Capital, has been scrambling to assemble a rescue package to stave off insolvency. Greybull and the company’s lenders have agreed ...

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Read more from The Guardian : British Steel on verge of collapse as government talks stall
The Guardian : British Steel on verge of collapse as government talks stall

Summary: British Steel could fall into administration as soon as Wednesday, putting 5,000 jobs directly at risk and endangering thousands more in the supply chain, after talks to secure an emergency £30m loan from the government stalled. The UK’s second-largest steel producer is on the verge of collapse following inconclusive talks ...

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