Tue, 22 Jun 2021 | ADMINISTRATION
Jaguar Land Rover supplier Liberty Aluminium Technologies has announced that it is in talks with its lenders to avoid collapsing into administration. Part of the metals empire owned by Sanjeev Gupta, the company employs around 250 people across three sites and boasts Jaguar Land Rover as its main customer.
According to Liberty Aluminium Technologies, it is currently in talks with Close Brothers in a bit to prevent the firm from being placed into administration. However, it admits that it could be forced into insolvency. To help the company work towards an alternative solution, Close Brothers has appointed Interpath Advisory - the former restructuring arm of KPMG - to advise the firm on its options.
Liberty Aluminium Technologies is currently one of the main subsidiaries of Gupta Family Group Alliance (GF
G), a group of metals and industrial businesses owned by Sanjeev Gupta. The firm, which produces precision parts for the automotive industry, was originally put up for sale in May as part of Mr Gupta's attempt to refinance the GPG Group.
Commenting on the current position of the subsidiary, a GFG Alliance spokesperson said: "Over the last month the Restructuring and Transformation Committee (RTC) has been exploring strategic options regarding the future of Liberty Aluminium Technologies Ltd (LAT)."
He added: "The RTC, supported by Alvarez & Marsal, have focused on identifying new owners which would provide a sustainable future for the business serving automotive OEMs."
"The RTC is in discussions with four interested parties with a view to achieving an accelerated sale process and is also in discussions with LAT’s main creditor to give it the time to conclude that process effectively."
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