Sanjeev Gupta’s GFG Alliance has failed to make a major payment to Credit Suisse, despite the British steel magnate leveraging his local assets to raise $US350 million ($530 million) from lenders only three months ago.

GFG Alliance missed an upfront cash payment, raising questions around a restructuring agreement penned in June between the steel company – operating in Europe, North America and Australia – and Credit Suisse Asset Management, which is attempting to recover $US887 million linked to its supply chain finance funds. The Swiss group said the original deal would not be implemented, and other options were being discussed.