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Sanjeev Gupta + Liberty House


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spygirl

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he was still looking to borrow the money 
Hmm. This brings me back to my first suspicion that he simply uses acquisitions to pay off the existing debt. Every acquisition, leverged with various layers of debt, is merely about providing short term cash flow to the group, it does not matter if they are even profitable. Hence the strange Alliance structure, the supply chain finance and web companies he relies on. 
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Yossarian
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5 HOURS AGO
 
reply In reply to BO55MAN
Nail on the head. This has been happening for years and now the house of cards is wobbling in the wind.
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Golden Girl
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7 HOURS AGO
(Edited)
 
Debt-funded acquisition of near-defunct industrial assets, often from experienced companies who were unable to make them pay, was always going to end in failure.
The private planes and schmoozing Fergus Ewing over dinner at Cail Bruich were nice while they lasted.

Borrowing for buying junk orgs. Then putting another 10% on the debt to give him cashflow.

 

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Let me clarify - Shareholders equity should go. ank debt should be restructured. Employment terms should be reduced. Directors loans and assets should be pursued relentlessly.

FT have started blocking comments on Gupta articles, which points to something criminal underway.  

Labour don't understand the basics of liquidation Labour: Save Liberty Steel before it goes bust - BBC News The entire point is you want to be organised enough that the firm goes bankrupt an

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reformed nice guy
On 07/10/2020 at 07:11, spygirl said:

Eeh, hes at it again, the naughty little Indian *

* - other more libellous terms are available.

Sanjeev Gupta-linked companies with 11 staff took millions in UK loans

Greensill Capital provided state-supported funding to entities with ties to steel magnate

https://www.ft.com/content/9c12a439-4bfd-4cce-bf74-4bd7d7ffe238

 

 

Follow up:

"Greensill stripped of government guarantee on loans to steel tycoon Gupta"

https://news.sky.com/story/greensill-stripped-of-government-guarantee-on-loans-to-steel-tycoon-gupta-12233039

 

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spygirl
1 hour ago, wherebee said:

hitting the aussie press today.  no comments allowed :P

Slagging off young can-do Aussies is a ciime of treason.

 

 

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spygirl

Greensill Bank’s loan book is around €3.5bn in size, according to people directly familiar with its balance sheet, and more than €2bn relates to receivables financing connected to Gupta’s businesses.

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wherebee

yeah, the AFR (good aussie financial review) is all over this now.  I'm reading all the articles to see who they blame.

Pic caption: Julie Bishop and Lex Greensill at the annual meeting of the World Economic Forum in Davos last year. 

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spygirl

https://www.thisismoney.co.uk/money/saving/article-9329813/amp/Wyelands-Bank-ordered-Bank-England-pay-4-000-savers.html

Around 4,000 savers will have £210million in cash returned to them after Wyelands Bank was ordered, in an unprecedented move by the Bank of England, to repay all of its depositors in full.

Holders of its 35 and 95-day notice accounts, which have paid zero interest after a succession of cuts, will be paid until the end of the notice period and savers who held fixed-rate accounts will be paid up to the end of their term.

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spygirl

Liberty Steel boss Sanjeev Gupta warns over loss-making plants

https://www.bbc.co.uk/news/business-56331655

The boss of the UK's third-largest steelmaker has said the collapse of its main financial backer "creates a challenging situation".

Sanjeev Gupta said some of Liberty Steel's UK operations were loss-making and this needed to be addressed.

He was speaking at crisis talks with unions concerned for Liberty's future after specialist bank Greensill Capital went into administration.

The collapse puts 5,000 jobs at risk at Liberty Steel and other firms.

Mr Gupta said his group was taking "prudent steps" to manage cash and was seeking new funding.

 

Lying bent bastard. All were loss making.  That's why he got some so cheap.

 

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spygirl

Greensill financed Gupta based on invoices from ‘friends of Sanjeev’

Collapsed firm provided loans on the back of bills from companies with links to steel magnate

https://www.ft.com/content/b1ce1ab2-46d0-4005-a633-b38a4ee16aac



Greensill Capital provided financing to Sanjeev Gupta’s business empire based on invoices from ostensibly independent companies with links to the steel magnate, raising new questions about the quality of the collateral underpinning billions of dollars of loans.

Gupta’s sprawling GFG Alliance metals conglomerate, which includes Britain’s third-largest steel producer and numerous plants in Europe and Australia, has been rocked by the collapse of Greensill, which had $5bn of exposure to the industrialist’s businesses.

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wherebee
3 minutes ago, spygirl said:

Greensill financed Gupta based on invoices from ‘friends of Sanjeev’

Collapsed firm provided loans on the back of bills from companies with links to steel magnate

https://www.ft.com/content/b1ce1ab2-46d0-4005-a633-b38a4ee16aac



Greensill Capital provided financing to Sanjeev Gupta’s business empire based on invoices from ostensibly independent companies with links to the steel magnate, raising new questions about the quality of the collateral underpinning billions of dollars of loans.

Gupta’s sprawling GFG Alliance metals conglomerate, which includes Britain’s third-largest steel producer and numerous plants in Europe and Australia, has been rocked by the collapse of Greensill, which had $5bn of exposure to the industrialist’s businesses.

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fucking hell.  I knew there would be stupidity involved, but not this level.  Aussie papers also now reporting the greensill family took 200 million out of the company before collapse.  Unconfirmed, so could be rubbish, but..... this one will run and run.

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spygirl

The crims and insanely leveraged always seek out the place of least resistance.

Back in 2008 Brown had created the world #1 place for the fucking useless and leveraged to speculate.

https://abcnews.go.com/Business/story?id=7045889&page=1

Now banks are much better regulated - they could hardly  be regulated worse ...

So the leveraged and the loons have moved on to the shadow banks and the countries where the stupidity still runs fast - Oz

You can expect a lot more like this in Oz

 

 

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wherebee
4 minutes ago, spygirl said:

The crims and insanely leveraged always seek out the place of least resistance.

Back in 2008 Brown had created the world #1 place for the fucking useless and leveraged to speculate.

https://abcnews.go.com/Business/story?id=7045889&page=1

Now banks are much better regulated - they could hardly  be regulated worse ...

So the leveraged and the loons have moved on to the shadow banks and the countries where the stupidity still runs fast - Oz

You can expect a lot more like this in Oz

 

 

Well.... yes.  That, or smaller US operations - I think the US has a lot of second tier banks which have shite systems.  I've been getting confidential account information from a small bank in the US for a year now about one of their customers with the same name as me - obv a mistake with the email addresses.  I have reported it to them four times, nothing changes.  If I was a fraudster...

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leonardratso
1 minute ago, wherebee said:

Well.... yes.  That, or smaller US operations - I think the US has a lot of second tier banks which have shite systems.  I've been getting confidential account information from a small bank in the US for a year now about one of their customers with the same name as me - obv a mistake with the email addresses.  I have reported it to them four times, nothing changes.  If I was a fraudster...

ill take that info off your hands if you dont want it.

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spygirl
1 minute ago, wherebee said:

Well.... yes.  That, or smaller US operations - I think the US has a lot of second tier banks which have shite systems.  I've been getting confidential account information from a small bank in the US for a year now about one of their customers with the same name as me - obv a mistake with the email addresses.  I have reported it to them four times, nothing changes.  If I was a fraudster...

Those are small banks in a v large country.

US banks go bust at regular rates. Theres  no surprises.

Like the UK in2008, Oz has very large banks in a relatively small country.

 

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wherebee
2 minutes ago, leonardratso said:

ill take that info off your hands if you dont want it.

LOL no, you're alright mate.  I KNEW you were from Liverpool....

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leonardratso
1 minute ago, wherebee said:

LOL no, you're alright mate.  I KNEW you were from Liverpool....

i guarantee that youll stop receiving it - well, maybe some zero or hugely -ve numbers might come through but eventually it will stop completely after ive worked my magic.

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spygirl

Liberty Steel: Nationalise company if necessary, says Ed Miliband

https://www.bbc.co.uk/news/business-56437665

The government should nationalise Liberty Steel if necessary says shadow business secretary Ed Miliband.

He said the situation was "urgent and worrying" and nothing should be off the table, including nationalisation, to save thousands of jobs in a key strategic industry.

"These are crucial jobs for communities up and down this country," he said.

Liberty owns 12 steel plants in the UK, including at Rotherham, Motherwell and Newport, and employs 5,000 people.

Mr Milliband told the BBC the plants are "a crucial part of our strategic infrastructure, are crucial for the aerospace sector to automotive. Let's hope that Liberty steel can find that the refinancing that it's looking for but the government needs a plan B to make sure whatever happens, these jobs are saved."

What aerospace sector?

Just Acardia alone, never mind Debenham, saw jobs losses of ~15k last year.

These were jobs mainly done by wimmin.

Why did you not support thiose jobs, Mr Milliband?

Do you hate wimmin Mr Milliband??

 

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spygirl

UK draws up plans to run Liberty Steel if Gupta’s GFG collapses

Industrial group seeking new financing after failure of Greensill Capital, its main lender

https://www.ft.com/content/ab703b04-ac1e-4589-972b-bbcd64f02e23

 

How Sanjeev Gupta lived large on the back of rickety financing

Mansion is latest purchase by ‘saviour of steel’ whose empire received taxpayer loans

https://www.ft.com/content/8d5956d2-33e0-4ab0-a6d9-76cf63929bd9

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But hes got such an innocent face FFS

Ill put the piccies in, which post

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Massive Metallica fan. Apparently.

 

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