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British Steel Official Receiver in Discussion with Potential Buyers

Steel News - Published on Wed, 10 Jul 2019

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Financial Times reported that the official receiver in charge of the liquidation process, Mr David Chapman, will decide British Steel’s fate and has received a number of offers both for the whole business and parts of it. The insolvency service said “After reviewing all the bids the official receiver is now in further discussions with potential buyers who have made the most viable offers for the business.”

Mr Gerald Reichmann, British Steel's chief executive, said "I am pleased to say there has been an encouraging level of interest in the sale of our business from a number of bidders. Due to the complicated nature of the group and its businesses, the evaluation and clarification of the offers received will take time. Further engagement with the interested parties and stakeholders will likely take a couple weeks before a further announcement on the sale process will be made. We remain committed to trying to secure the long-term future of the overall business, and we continue to trade and supply our customers as normal during this process. "The British Steel Support Group, chaired by the business secretary Greg Clark MP and comprising local politicians, British Steel management, trade unions and sector representatives continues to meet regularly."

Trade unions and the government want it to be sold as a single going concern in order to safeguard employment and production.

Mr Alasdair McDiarmid, operations director for the steelworkers trade union Community, said “We are very clear that the business should be sold as a whole and that any attempts to cherry-pick assets should be avoided. We are pleased that selling the business intact remains the primary objective of all stakeholders but it is important that this is upheld to a successful conclusion. Government has a role to play in prioritizing support to bidders for the whole business.”

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Posted By : Ratan Singh on Wed, 10 Jul 2019
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