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Sanjeev Gupta faces losing control of his steel plants in Belgium after the approval of a judicial restructuring of his operations in the country, paving the way for their eventual sale.
A court in the city of Liege last week upheld a request by workers at Guptas Liberty Steel subsidiary to start the restructuring and appointed a legal representative to oversee the sale of the two plants at Flmalle and Tilleur.
Under the process, which is designed to protect the business from creditors and will initially run until the end of next April, the plants will be managed by a second court appointee, the court confir…
Read the full article at: https://www.ft.com/content/6fdce128-de66-40f8-b713-e53d0b1d9fcf