Restructuring plan is announced to be an important step for the company's strategy of recovery and sustainable growth. Speciality Steel UK is expected to significantly reduce the debt on its balance sheet and increase the capacity to meet future demand. SSUK, receiving support from its major customers for the plan, announced that it is to present a detailed proposition to all creditors and give them the right to vote on the plan.
Jeffrey Kabel, Chief Transformation Officer of LIBERTY Steel Group, stated his remarks on the subject with these words: “After making significant progress to stabilise the business and refocus it on high value specialist products, we’re now addressing the debt position of the company to create a stronger speciality business going forward. Our plan, which is backed by customers, is the best route forward for all stakeholders and we’re confident in winning the support of our creditors for the essential actions required to complete SSUK’s recovery.”
SSUK's restructuring plan presented as the most efficient plan aiming to significantly reduce the company's debt, to prevent a possible bankruptcy situation and to remove uncertainty for both creditors and employees by enabling the company to recover. Furthermore, the plan submitted to the creditors‘ vote through the court process allows for the settlement of creditors’ claims, the improvement of the cash management of the company and the necessary time to start the repayment of debts.
Comments
No comment yet.