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  • 15/11/2022
  • News

LIBERTY reaches agreement in principle with creditors on global debt restructuring

LIBERTY Steel Group (“LIBERTY”)’s Restructuring and Transformation Committee (RTC) today announces that LIBERTY has signed a term sheet subject to contract on an agreement in principle (“the Agreement”) for a debt restructuring with parties responsible for the main creditors of Greensill Capital (UK) Limited, Greensill Bank AG and Credit Suisse Asset Management (Switzerland) Limited (“the Creditors”), a major step in the Group’s refinancing.

LIBERTY and Greensill Bank as main creditors are in the process of negotiating a similar term sheet for the debt restructuring of LIBERTY’s European steel businesses.

The Agreement remains subject to documentation and the respective internal approvals. All parties will now work to prepare and execute the Agreement, providing LIBERTY with the platform to develop longer term sustainable financing. Under the agreement, the parties have adjourned the winding up petitions against LIBERTY entities.

The Agreement will allow LIBERTY to further advance its GREENSTEEL strategy and industry leading ambition to become carbon neutral by 2030.

Jeffrey Kabel, Chief Transformation Officer, LIBERTY Steel Group said:

“After several months of negotiations, we have now reached an agreement in principle that will provide recovery for the Creditors and will significantly deleverage and derisk LIBERTY.  This is a major step forward in our restructuring and transformation and we will now work at pace with the Creditors to prepare and execute the Agreement.”


  • Incorporates all major Greensill creditors; Credit Suisse Asset Management, Greensill Bank and Greensill Capital (UK) Limited.
  • Repayment will be made through a combination of lump sum, scheduled and bullet repayments.
David Ollier

Global Head of Communications

+44 7596 297773
Andrew Mitchell

Head of Communications – UK


+44 7516 029522
Patrick Toyne-Sewell

Head of Communications – Europe

+44 7767 498195