Sanjeev Gupta pays last instalment on Whyalla steelworks lifeline loan
The Whyalla steelworks and other parts of Sanjeev Gupta’s Australian operations have been freed from the control of lenders almost two years after the British businessman faced losing the assets in the collapse of Greensill Capital.
Mr Gupta made the final payment owed on his $430 million refinancing of the Whyalla steelworks in South Australia and the Tahmoor coal mine southwest of Sydney to Credit Suisse Asset Management, The Australian Financial Review can reveal.
The Whyalla steelworks has been through a volatile time. Ben Searcy
They represent a substantial part of what GFG Alliance owns in Australia, via a corporate entity known as Liberty Primary Metals Australia. They have become profitable parts of Mr Gupta’s empire.
When Greensill Capital, previously Mr Gupta’s main financier, collapsed in March 2021, GFG had to scramble to refinance almost $6 billion in funding previously supplied by Greensill to GFG businesses around the world.
One of the first deals struck in October 2021 to keep creditors at bay was an in-principle agreement with Credit Suisse Asset Management for $430 million. In fact, Greensill’s major lender, Credit Suisse, had pushed hard to claw back lines of funding when the Swiss group faced its own financial pressures before Credit Suisse was taken over by regulatory force and became part of UBS.
GFG paid $130 million up front in late 2021 and an instalment plan was put in place for the remainder. The final payment was due by June 30, 2023.
GFG said the final instalment had been paid off in June, as required. “The Liberty Primary Metals Australia business paid out the Credit Suisse Asset Management facility in full last month,” the company said.
The instalment plan was put in place long before
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