British Steel is on the brink of collapse unless it can secure 30m in emergency funding from the government, putting about 5,000 jobs directly at risk and endangering thousands more in the supply chain.
The UKs second-largest steel producer is preparing to call in administrators on Wednesday unless the government steps in with a loan on Tuesday.
British Steel, which is owned by private equity group Greybull Capital, has been scrambling to secure a 75m rescue package to stave off insolvency. Greybull and the companys lenders have agreed to inject 30m into the company.
British Steel is asking the British government for a 30m loan rather than the 75m originally requested.
A spokesperson for the Department for Business, Energy and Industria…
Read the full article at: https://www.theguardian.com/business/2019/may/21/british-steel-administration-jobs-government-loan