Liberty Steel wants to buy time, but who will want to snap up its assets?
about 4 years in The guardian
As creditors circle, plan to sell off its key aerospace supply plant comes with one major hitch
Any progress is better than none, an assessment that could apply equally to Sanjeev Gupta, his creditors at Credit Suisse and the 3,000 workers at Liberty Steel companies in the UK. Nobody, though, will be under any illusions. Monday’s restructuring announcement represents a sketch of a plan, as opposed to a proposal that can be implemented easily or quickly.
For starters, it’s not obvious who will be interested in buying the aerospace and special alloys steel business in Stocksbridge, South Yorkshire, plus downstream plants at Brinsworth and West Bromwich. Liberty can pitch the operation as “a unique, high quality business serving marquee customers” but demand from the aerospace industry has been clobbered by the pandemic. Any buyer at this point would be taking a hard-to-assess gamble on the pace of recovery in aerospace. Continue reading...
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