•   
  •   

UK News Gupta-owned Jaguar Land Rover supplier in talks to avert collapse

19:20  21 june  2021
19:20  21 june  2021 Source:   news.sky.com

Stuart Hogg interview: His Lions Test team target and learning from Jim Telfer, Brian O’Driscoll and Leigh Halfpenny

  Stuart Hogg interview: His Lions Test team target and learning from Jim Telfer, Brian O’Driscoll and Leigh Halfpenny Stuart Hogg reckons he knows 90 per cent of the dialogue from Living with Lions off by heart. Growing up in Hawick, he and his brother Graham all but wore out their copy of the documentary which chronicles the 1997 tour of South Africa in vivid detail. © Stuart Hogg breaks clear to score a try against a Combined Country XV on the British & Irish Lions t... “I loved it, absolutely loved it,” says the Scotland captain.Jim Telfer and Ian McGeechan are the stars, kingpin coaches who dispense advice and wisdom with a ferocious intensity.

An arm of Sanjeev Gupta's industrial empire which counts Jaguar Land Rover as its main customer faces collapse within days amid last-ditch negotiations with its lender.

a man wearing a suit and tie smiling and looking at the camera: City sources said on Monday that LAT, which employs 250 people at three UK sites, could be forced into insolvency proceedings as soon as this week © Reuters City sources said on Monday that LAT, which employs 250 people at three UK sites, could be forced into insolvency proceedings as soon as this week

Sky News has learnt that Liberty Aluminium Technologies (LAT) is in detailed talks with Close Brothers in an attempt to avert the division being placed into administration.

City sources said on Monday that LAT, which employs 250 people at three UK sites, could be forced into insolvency proceedings as soon as this week, although there remains hope that such an outcome could be avoided, they said.

Land Rover unveils prototype electric Defender powered by hydrogen

  Land Rover unveils prototype electric Defender powered by hydrogen The zero-emissions prototype Defender uses the hydrogen in a fuel-cell chemical reaction to generate electricity which then powers electric motors to drive the wheels of the off-roader. The only bi-product from the exhaust is water so pure you can drink it.The project confirms that the British marque looks set to follow rival 4X4 maker Ineos Automotive, which has said its 'green' version of the forthcoming Grenadier offroader will be hydrogen electric rather than using heavy battery packs.

Close Brothers has appointed Interpath Advisory - the former restructuring arm of KPMG - to advise it on options for its exposure to LAT.

The division, which is one of many subsidiaries of Mr Gupta's GFG Alliance group of steel, metals and industrial businesses, produces precision parts for automotive customers including JLR.

LAT, which operates from sites at Kidderminster, Witham and Coventry, was put up for sale a month ago following "very constructive and productive meetings" between Mr Gupta and Credit Suisse.

Further details of the discussions between Liberty Steel and Close Brothers could not be obtained on Monday, and it was unclear whether a rescue deal for LAT or refinancing that would allow it to continue to trade was realistic.

Electric classic Bentley-inspired Bensport La Sarthe unveiled

  Electric classic Bentley-inspired Bensport La Sarthe unveiled Somerset-based coachbuilder has added an electric powertrain option to its classic Bentley-inspired La Sarthe modelCalled the Le Sarthe E, the model replaces a 4.5-litre straight-six engine with an EV powertrain that has been sourced from Advanced Electric Machines.

United States Holocaust Memorial Museum that has a sign on the side of a building: Jaguar assembly plant in Castle Bromwich © Reuters Jaguar assembly plant in Castle Bromwich

It was also unclear whether JLR might step in to provide emergency funding to prevent LAT's collapse.

Mr Gupta said in April that none of GFG's steel plants would close "on my watch", even as he raced to agree a refinancing of debts owed to Greensill Capital, the lender which collapsed this year in controversial circumstances.

Since then, the Serious Fraud Office has launched a probe into "suspected fraud, fraudulent trading and money laundering in relation to the financing and conduct of the business of companies within the Gupta Family Group Alliance (GFG)".

a person standing in front of a building: Inside Jaguar Land Rover Factory Plant © Getty Inside Jaguar Land Rover Factory Plant

GFG has pledge to cooperate fully with the SFO's investigation.

The metals tycoon appears to have made progress with some aspects of his companies' efforts to secure breathing space, with The Sunday Times reporting this weekend that he was close to striking a deal with Credit Suisse that would enable him to retain his Australian steelworks.

Parts of Liberty Steel are ‘challenged’, says finance chief

  Parts of Liberty Steel are ‘challenged’, says finance chief Giving evidence to MPs, Liberty Steel UK chief financial officer Anton Krull said he was ‘feeling uncomfortable’.Anton Krull, chief financial officer at Liberty Steel UK, said that parts of the business are facing difficult times.

If LAT does call in insolvency practitioners, it would not be the first part of Mr Gupta's group to do so, with some French downstream aluminium businesses having collapsed in April.

In the UK, its aerospace and special alloys steel business in Stocksbridge has been put on the block alongside its performance steels division in West Bromwich.

Alvarez & Marsal is running those processes.

Chunks of GFG's French operations, including its steel plant at Hayange, are also up for sale.

Mr Gupta has requested UK government support in the form of a £170m emergency loan.

Ministers rejected the plea on the basis that they could not be sure that the funds would not be used to prop up other parts of Mr Gupta's international empire.

Questioned by MPs in May, Kwasi Kwarteng, business secretary, said his department would continue to closely monitor the situation.

A GFG Alliance spokesperson said: "Over the last month the Restructuring and Transformation Committee (RTC) has been exploring strategic options regarding the future of Liberty Aluminium Technologies Ltd (LAT).

"The RTC, supported by Alvarez & Marsal, have focused on identifying new owners which would provide a sustainable future for the business serving automotive OEMs.

"The RTC is in discussions with four interested parties with a view to achieving an accelerated sale process and is also in discussions with LAT's main creditor to give it the time to conclude that process effectively."

Close Brothers and JLR both declined to comment.

Wimbledon: Murray perseverance 'on a par' with his grand slam titles .
Andy Murray was preparing to make his Wimbledon Centre Court return on Monday, but British women's number one Johanna Konta will be absent.The former world number one has battled through injuries that threatened to end his career, so it will be a remarkable feat when he walks out to face Nikoloz Basilashvili.

usr: 3
This is interesting!