Liberty Steel’s Liège-based operations in Belgium have been declared bankrupt by a local court after being shut down for two years, leaving 520-550 workers unpaid for months. A provisional administrator was appointed for the Liberty Galati subsidiary in late March.
The company’s prior attempt at a silent bankruptcy, aimed for a debt-free acquisition, failed due to a lack of funds for worker payments, bills, and facility maintenance, coupled with insufficient guarantees from the Walloon Region. As a result, the bankruptcy was declared, leading to the imminent layoff of the entire workforce, who will now be eligible for unemployment benefits.
The court-appointed curators will now focus on finding a potential buyer for Liberty…