Liberty Speciality Steel withdrew a restructuring plan put before the courts just before a judge was due to decide if it could go ahead.
With a lack of agreement with key creditors, lawyers representing them have previously said it was unlikely to be sanctioned anyway due to the money owed.
After pulling its “Part 26A” restructuring plan, as reported by Global Restructuring Review, Liberty Speciality Steel, which has operations in Rotherham and Stocksbridge, is understood to be acting quickly to consider alternative options.
Rothbiz reported in April last year that Liberty had signed a new framework agreement with its major creditors that would enable it to consolidate its UK steel businesses “under a new entity with a simpler structure, a…
