SSUK has been under financial pressure since the collapse of its main lender, Greensill Capital, in 2021.
Government's position
- The Ministry of Business and Trade has confirmed that the official bankruptcy trustee is ready to step in if liquidation begins.
- Officials stressed that no decision had been made regarding state ownership or direct financial support.
However, government intervention remains a likely path, repeating previous acquisitions of British Steel and Tata Steel.
Gupta's Counterproposal
Sanjeev Gupta, executive chairman of the GFG Alliance, is trying to avoid government control through a management buyout plan backed by £75 million from the American multinational investment company BlackRock. His legal team argues that this solution is preferable to liquidation, as it avoids taxpayer costs and job uncertainty.
What's next?
High Court Judge Sally Barber postponed the case, demanding more evidence of what would happen after the liquidation before making a decision.
