Czech Steelworks Liberty Ostrava Falls Into Bankruptcy

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The Czech Republic’s biggest steelworks Liberty Ostrava, part of Indian-British billionaire Sanjeev Gupta’s business empire, was sent into bankruptcy by a court on Friday.

Liberty Steel Group, part of Gupta’s GFG Alliance, said earlier this month it had put its operations in the eastern Czech steel hub of Ostrava up for sale, citing “very demanding” conditions on the crisis-hit steel market.

Liberty Ostrava has said its overdue debt had exceeded five billion koruna ($214 million) as it asked to be declared insolvent.

The government has meanwhile sought a buyer for the company, which is a major employer in the region with over 5,000 staff.

The regional court in Ostrava on Friday…