A court in Liège has just appointed a provisional administrator and a legal representative for Belgium-based Liberty Liège, a subsidiary of UK-based steelmaker Liberty Steel, to accelerate the sale of the company’s two plants, Flémalle and Tilleur, according to media reports.
The company, its unions and the officials appointed by the court will collaborate with stakeholders to identify the strategic options for the business, including the sale of the plants.
The given plants, which employ 650 people, have been under a restructuring program since May this year, as the company won its Liège court appeal against the decision for the liquidation of the Liège plants.
In addition, in November, Liberty Steel signed an agreement in principle for debt restructuring with its creditors, a major step in the company’s refinancing, as SteelOrbis previously reported.