UK-based steelmaker Liberty Steel has announced that its Poland-based subsidiary Liberty Częstochowa has launched an appeal against the decision of the Częstochowa court to start bankruptcy proceedings. The company is appealing because it believes the business proved it had strong support from its largest creditor and had a letter of intent from a credible financial institution for a €100 million working capital loan.
While Liberty’s appeal is underway, the company will continue with its robust restructuring and restart plan to secure the preservation of jobs, maintain payment of employees’ salaries, ongoing production at the plant and the timely repayment of all creditors. While the appeal process progresses, Liberty Steel Group will be submitting a highly competitive offer for the lease of the Częstochowa business.
