The U.K. High Court on Wednesday placed British Steel Ltd. into compulsory liquidation after the steel maker failed to obtain last-minute rescue funds from the government.
The company, which employs more than 5,000 people, will continue operating while the governments Official Receiverthe liquidatorexplores options for the business, including a potential sale, according to a spokesman for the office.
Staff have been paid and will continue to be employed, the Official Receiver, a court-appointed civil servant for the U.K. Insolvency Service, said in a statement.
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