Liberty Steel - Part 26A restructuring plan

Liberty Steel, a global steel and mining business owned by Sanjeev Gupta, has launched a Part 26A restructuring plan for its Speciality Steel division in the UK.

Few details on the proposed restructuring plan have been released, other than that it would “significantly reduce” the company’s debts without impacting the 1,500 or so employees who work the Specialty Steel division.

Other creditors stand to be compromised, with the company stating that it’s addressing its debt position to create a stronger speciality business going forward.

Begbies Traynor have been appointed to oversee the restructuring plan.