A South Yorkshire steel company has avoided insolvency for the moment after a potential buyer was found, the High Court has heard.
Speciality Steel UK (SSUK), part of the Liberty Steel Group founded by Sanjeev Gupta, employs 1,450 people and has plants in Rotherham and Sheffield.
Lawyers representing SSUK said at a hearing on Wednesday that “urgent meetings” had been taking place with a “third party purchaser”.
Insolvency and Companies Court judge Sebastian Prentis adjourned a winding up petition for eight weeks until 16 July to allow time for the sale of the company to go through.
Following the hearing, Jeffrey Kabel, Liberty Steel chief…
