UK-based steelmaker Liberty Steel has announced that it has submitted a highly competitive offer for the lease of the Częstochowa steelworks in Poland. The company has also submitted a robust appeal against the decision of the Częstochowa court to restart bankruptcy proceedings for Liberty Częstochowa.
As part of its leasing offer, the company has committed to providing the Trustee with the immediate funds needed to pay outstanding bills and employees’ September salaries. This commitment would protect the value of the company’s assets and avoid the mortgaging of the business’s assets.
In addition, recently the majority of Liberty’s creditors officially approved its robust restructuring and restart plan, as SteelOrbis previously reported.
“We believe that our lease offer is compelling and provides the solution for the Trustee’s cashflow issues. It is also the best way to enable a sustainable future for the whole business, preserve the jobs at the steelworks and ensure creditors’ claims are paid in the quickest time. We also hope that the court will approve our robust restructuring plan, which has already been approved by the vast majority of the company’s creditors,” Thomas Gangl, CEO for Liberty Steel Europe, said.
