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London Alvance Aluminium, part of the GFG Alliance Group, confirmed April 26 that its three downstream engineering businesses in France have been placed into voluntary administration on structural market changes and a lack of working capital.
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This follows the collapse of GFG Alliance’s major financier, Greensill Capital, in March.
The reported existence of a Eur2 million ($2.42 million) loan from the French government to support one of the businesses was not immediately confirmed.
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Read the full article at: https://www.spglobal.com/platts/en/market-insights/latest-news/coal/042621-three-gfg-plants-enter-administration-in-france-after-greensill-collapse