GFG Alliance has received multiple offers from large investment funds to support their refinancing, with the proposals currently on the table providing enough cash to repay creditors of the Whyalla Steelworks.
In a statement, a GFG Alliance spokesperson said the company was in advanced due diligence regarding refinancing offers for its Mining and Primary Steel business which includes OneSteel Manufacturing and Tahmoor Coal.
“GFG Alliance expects the confirmatory due diligence to be complete within weeks before a final offer is accepted,” they said.
It comes following a legal challenge launched by Credit Suisse to wind up the operations of OneSteel, currently trading as Liberty Primary Steel, and Tahmoor Coal.
In a further statement, GFG…