(Bloomberg) — For the past three years, steel tycoon Sanjeev Gupta has performed an extraordinary feat of corporate survival.
The British industrialist managed to keep most of his empire of steel plants even as creditors circled, concerns arose about alleged wrongdoing regarding trades and he faced probes for suspected fraud and money laundering.
Now his luck may be running out.
Gupta’s Speciality Steel UK Ltd. unit went to court in London Wednesday to try to avoid liquidation. The operator of plants in northern England proposed a restructuring plan that would see many creditors get almost none of the money they’re owed.
Gupta warned in court documents that without an agreement the company would cease operating and enter insolvent…
