Gupta Puts Pressure on Steel Customers for Quick Payment: Times
(Bloomberg) -- Sanjeev Gupta’s Liberty Steel tightened credit terms for customers of its Scottish operations as his GFG Alliance seeks working capital following the collapse of its biggest lender, Greensill Capital.
At least one of Liberty’s key suppliers placed stricter credit terms on the business over increase concern about the future of Gupta’s GFG Allaince, the Times of London reported.
A company that deals with Liberty in Scotland told the Times that the steel producer wants to shorten existing trading terms to 30 days’ credit from 60 to 80 days.
GFG Alliance’s Liberty Steel owes 7 million pounds ($9.78 million) to an arm of the Scottish government to covert the cost of restarting the Dalzell mill, the Times reported earlier.
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