Post by Deleted on Sept 15, 2015 18:50:16 GMT 7
Tha Thai owners of the Redcar steel plant failed to meet debt obligations in June -
www.telegraph.co.uk/finance/newsbysector/industry/11864956/2000-jobs-at-risk-as-Redcar-steel-plant-fights-for-survival.html
"One of the UK’s biggest steel plants is locked in a desperate bid for survival following a series of missed debt repayments to its banks.
The Thai owners of the historic Redcar plant on Teesside failed to pay back several loans totalling around £80m to lenders in June and were given a short-term stay of execution until the end of September to find the money.
Failure to stump up the cash could result in the 160-year-old site, which employs more than 2,000 workers and 1,000 contractors in a region where unemployment is among the highest in the country, being put into administration after a long battle with huge losses. It is understood PwC is on stand-by to handle any insolvency."
......continues
Redcar is now in liquidation after a request from the Thai owners for the UK gov to write a blank cheque was rejected -
www.theguardian.com/business/2015/oct/02/redcar-steel-plant-goes-into-liquidation
www.telegraph.co.uk/finance/newsbysector/industry/11864956/2000-jobs-at-risk-as-Redcar-steel-plant-fights-for-survival.html
"One of the UK’s biggest steel plants is locked in a desperate bid for survival following a series of missed debt repayments to its banks.
The Thai owners of the historic Redcar plant on Teesside failed to pay back several loans totalling around £80m to lenders in June and were given a short-term stay of execution until the end of September to find the money.
Failure to stump up the cash could result in the 160-year-old site, which employs more than 2,000 workers and 1,000 contractors in a region where unemployment is among the highest in the country, being put into administration after a long battle with huge losses. It is understood PwC is on stand-by to handle any insolvency."
......continues
Redcar is now in liquidation after a request from the Thai owners for the UK gov to write a blank cheque was rejected -
www.theguardian.com/business/2015/oct/02/redcar-steel-plant-goes-into-liquidation
