Business
Sanjeev Gupta’s GFG Alliance secures last-minute financial lifeline that could save Whyalla steelworks – ABC News
The Whyalla steelworks, along with a coalmine in New South Wales, had been under threat because of the global collapse of Greensill Capital, founded by Australian…
British steel magnate Sanjeev Gupta says he has secured a financial lifeline to continue operating the Whyalla steelworks and a coalmine in New South Wales, which together employ almost 2,000 people.
Key points:
- Australian businessman Lex Greensill is at the centre of a financial crisis affecting 50,000 workers worldwide
- Creditors were due to start a legal bid to wind up operations at the Whyalla steelworks
- Sanjeev Gupta’s company GFG Alliance says it has now reached an agreement to refinance its…
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