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Gupta’s Liberty Nears Debt Deal With Credit Suisse, Greensill

  • Similar deal being sought with Germany-based Greensill Bank
  • Gupta’s firms have been seeking new financing for over a year
Sanjeev Gupta

Sanjeev Gupta

Photographer: Brendon Thorne/Bloomberg
Updated on

Sanjeev Gupta’s steel unit Liberty Steel Group has signed a restructuring deal with its biggest creditors, a significant step in his attempt to refinance debts.

Gupta’s company agreed in principle on a term sheet covering debts owed to Credit Suisse and units of Greensill Capital, the financial firm which was his largest lender until it collapsed last year, according to an emailed statement on Tuesday. While the deal remains subject to documentation and internal approvals, it will halt a court action taken against Gupta’s firms by the Swiss bank, it said.