LIBERTY Steel Group appoints specialist board directors to navigate Greensill collapse

Uncategorized > 5th May, 2021

LIBERTY Steel Group (LIBERTY) has today announced the appointment of four experienced board directors who will lead and accelerate the restructuring and refinancing of LIBERTY in order to protect and maximise creditor and stakeholder value.

The appointments represent a step forward in LIBERTY’s response to the collapse of its principal lender, Greensill Capital. LIBERTY is prudently managing cash across its global operations to ensure it has adequate funding for its current needs while its refinancing is completed.  LIBERTY is making good progress with refinancing –  LIBERTY Primary Steel and Mining Australia has today agreed terms to refinance its Greensill exposure.  Record steel prices and LIBERTY’s operational improvement programme have enabled its core businesses to maintain their strong performance since the beginning of the year.

The new appointments will join the LIBERTY board with immediate effect and form a new Restructuring & Transformation Committee (RTC) which will be led by an independent Chief Restructuring Officer (CRO), and include an independent Chief Transformation Officer (CTO), a Chief Governance Officer (CGO) and a newly appointed Chief Financial Officer (CFO).  The RTC will be supported by LIBERTY management and report to the full LIBERTY board.

The RTC will be given full autonomy to restructure LIBERTY’s operations to focus on core profitable units, and either fix or sell underperforming units.  This restructuring combined with the continuing strength in steel and iron ore markets will present a solid basis for the future of LIBERTY.  The RTC will support stakeholder engagement and work with the LIBERTY board and its adviser panel, comprising of PJT, Alvarez & Marsal and Norton Rose Fulbright, to negotiate an amicable solution with Greensill’s administrators and other stakeholders which protects value and provides the best outcome for all stakeholders.

Visit the LIBERTY Steel Group website to read the full media release for details.

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