British Steel insolvency

22/5/2019

Insolvency proceedings

Status:

Announced

Date:

22/5/2019

Overview:

British Steel has entered insolvency.
EY is set to oversee the process.
The process puts up to 5000 jobs at risk, including up to 3000 at its principal Scunthorpe plant.
The company will continue to operate as it tries to find a buyer.

Sam Duke

Jurisdiction:

United Kingdom

Deal type:

Insolvency proceedings

Practice area:

Restructuring and insolvency

Governing law:

England and Wales

Industry sector:

Industrials and manufacturing

Firms:

Clifford Chance

Party: British Steel (Insolvent entity)

Lawyers: Iain White, Philip Hertz

Crowell & Moring

Party: ABN AMRO (Lender)

Party: PNC Business Credit (Lender)

Party: Secure Trust Bank (Lender)

Lawyers: Andrew Knight, Cathryn Williams, Paul Muscutt

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