Liberty Steel Group’s Restructuring and Transformation Committee (RTC) has announced that the company has signed an agreement for debt restructuring with parties responsible for the main creditors of Greensill Capital (UK) Limited, Greensill Bank AG and Credit Suisse Asset Management (Switzerland) Limited, suspending the winding up petitions against the company’s entities.

The industrials and metals company, founded in 1992 by business magnate Sanjeev Gupta, has hailed the agreement as a major step in its refinancing.

The agreement remains subject to documentation and the respective internal approvals, as stated by Liberty. All parties will now work to prepare and execute the agreement, providing Liberty with the platform to develop longer term sustainable financing.

According to a company press release, the agreement will allow Liberty to further advance its GREENSTEEL strategy and industry leading ambition to become carbon neutral by 2030.

''This is a major step forward in our restructuring and transformation and we will now work at pace with the creditors to prepare and execute the agreement.”

Jeffrey Kabel, chief transformation officer, Liberty Steel Group

Jeffrey Kabel, chief transformation officer, Liberty Steel Group said: “After several months of negotiations, we have now reached an agreement in principle that will provide recovery for the Creditors and will significantly deleverage and derisk Liberty. This is a major step forward in our restructuring and transformation and we will now work at pace with the creditors to prepare and execute the agreement.”