I need to know....

[Jimmy_041]

Here's another relevant article

GFG Alliance drags its heels on paying Greensill Capital debts
Jenny Wiggins
Infrastructure reporter
Apr 15, 2024 – 6.12pm

Sanjeev Gupta’s GFG Alliance has not yet paid any of the $900 million it owes to collapsed supply chain finance firm Greensill Capital despite another debt deal in March, British administrators say.

The global steel group accessed about $5 billion in funding from Greensill Capital through various schemes, and still owes $US587 million ($900 million) directly to the administrators of the London-headquartered financier, which collapsed in March 2021.

To try to get the money back, the administrators signed documents known as “term agreements” with Mr Gupta and GFG’s entities in November 2022 and June last year. More documents were signed after further negotiations in March this year.

The most recent agreement would include lump sum and “bullet” repayments, administrator Grant Thornton said in a report filed with British regulators on Sunday.

But no payments have been forthcoming from GFG as of March 7. Grant Thornton has warned that if GFG does not make the repayments, it will consider “recovery options” under security and guarantees granted by the global steel group.

A GFG spokeswoman said the company’s Liberty Steel Group had signed a framework agreement with major creditors after raising new capital, but declined to provide details on the agreement or specify when the group would pay back its debts.

GFG was Greensill Capital’s biggest customer. It used the firm’s financing schemes to help fund the expansion of its global steel business, including its operations in Australia which include InfraBuild and South Australia’s Whyalla Steelworks, which is struggling with an extended shutdown.

InfraBuild is considered the best-performing part of GFG’s empire but December-half profits plunged 75 per cent and cash flow dropped sharply.

GFG also owes money to Swiss investment bank Credit Suisse, which is now owned by UBS. Credit Suisse managed $US10 billion in supply chain finance funds that held securities issued by Greensill Capital, including invoices on which GFG owed payment.

Credit Suisse had also signed non-binding documents with GFG to try to recover monies owed. But while GFG has repaid debts to Credit Suisse linked to its Australian operations, it still owes about $1.4 billion on debts linked to other entities.

In January, Credit Suisse said a proposed date for GFG to make an upfront cash payment had passed without any money being paid and that it was “considering all options to maximise investor returns”.

Credit Suisse is among the groups suing Greensill Capital’s insurers, including ASX-listed IAG, to try to recover money for investors in its funds if creditors such as GFG do not make good on their debts.

Greensill Capital managed $US17.7 billion of assets when it collapsed. The administrators have recovered $US9.3 billion but $US8.4 billion is still owing from 71 entities, Grant Thornton found in its latest report.

Greensill Capital has been joined to the 10 Australian court proceedings filed against the firm’s insurers. Grant Thornton said the collapsed firm was an “inactive party” and would not financially benefit from the outcome of the court cases, which are expected to continue well into next year unless they are settled.

However, the collapsed firm will be required to provide documents and information for use in the lawsuits.

The administration is due to end next March but is likely to be extended.

[tigerpie]

The scary part is that gfg are now going into a downturn in the market already debt laden to the max.

This could be the final breaking point not just for the steelworks but for the town itself.
And that would put a huge dent in the states economy as well. The ripple effect will be huge.

[Jimmy_041]

The scary part is that gfg are now going into a downturn in the market already debt laden to the max.

This could be the final breaking point not just for the steelworks but for the town itself.
And that would put a huge dent in the states economy as well. The ripple effect will be huge.

kouts is onto it

[tigerpie]

The scary part is that gfg are now going into a downturn in the market already debt laden to the max.

This could be the final breaking point not just for the steelworks but for the town itself.
And that would put a huge dent in the states economy as well. The ripple effect will be huge.

kouts is onto it

He's shitting lumps and so are his colleagues federal and state.
They are frightened he'll pack up and leave.
I hope the powers that be are working on something in the background and I don't mean bailing HIM out.
Buying him out might be more applicable!

[amber_fluid]

Where’s @Vamos?

Had a beer at the Div 1 footy with him today.
He got banned after the showdown

Any reason why @Wedgie?

[amber_fluid]

Where’s @Vamos?

Had a beer at the Div 1 footy with him today.
He got banned after the showdown

Any reason why @Wedgie?

[dedja]

Can’t he just login on one of his other accounts?

[amber_fluid]

Can’t he just login on one of his other accounts?

They’ve been banned also

[dedja]

Can’t he just login on one of his other accounts?

They’ve been banned also

[Spargo]

Can’t he just login on one of his other accounts?

They’ve been banned also

[dedja]

Can’t he just login on one of his other accounts?

They’ve been banned also

Harsh.

[tigerpie]

Banned....like forever?
So what's the goss must've been pretty bad.

[amber_fluid]

Who’s running this site now?
Can we let Vamos back on?

[Corona Man]

Who’s running this site now?
Can we let Vamos back on?

Dogger2

[dedja]

Who’s running this site now?
Can we let Vamos back on?

[dedja]

Who’s running this site now?
Can we let Vamos back on?

Dutchy and Diss.

[heater31]

Who’s running this site now?
Can we let Vamos back on?

Not my call to let him back on, but the reason for removal has no place in today's world.

If it was in the workplace, there would be severe repercussions.

[amber_fluid]

Who’s running this site now?
Can we let Vamos back on?

Not my call to let him back on, but the reason for removal has no place in today's world.

If it was in the workplace, there would be severe repercussions.

Did you see what was posted?
Or told 2nd hand?

[Booney]

How long will it last then?

[dedja]

Who’s running this site now?
Can we let Vamos back on?

Not my call to let him back on, but the reason for removal has no place in today's world.

If it was in the workplace, there would be severe repercussions.

Just one of his usual posts then.