)
News
The State Government says it is “not aware of any imminent impact” on Whyalla’s steel operations after UK investigators visited several offices linked to Sanjeev Gupta’s GFG Alliance overnight as part of a major fraud probe.
)
Business
Whyalla steelworks owner GFG Alliance says it has agreed to a debt restructuring plan for its Australian operations, ending six months of uncertainty around the plant’s future.
Get InDaily in your inbox. Daily. The best local news sent straight to your inbox every workday at lunchtime.
Thanks for signing up to the InDaily newsletter.
A six-week standstill agreement with Credit Suisse has expired without Sanjeev Gupta’s GFG Alliance finalising the refinancing of its Australian operations – but the company insists its negotiations to secure the future of the Whyalla Steelworks are progressing well.
The embattled Whyalla steelworks appears to have been saved, with Sanjeev Gupta’s GFG Alliance announcing a refinancing deal just hours before a court bid to wind up its operations is set to begin.
Sanjeev Gupta’s GFG Alliance faces its first hearing in the NSW Supreme Court tomorrow to defend an application by Citibank to wind up its Australian operations -including the Whyalla Steelworks.
Treasurer Rob Lucas says that a $50 million support package for the Whyalla steelworks promised by the former Labor government will not be handed over to Sajeev Gupta’s GFG Alliance to help bail the company out if it or its South Australian operations fall victim to a financial crisis engulfing its major lender.
