April
Meet the ex-Deloitte consultant who has driven 85,000km to win a seat
Tom Venning has a strong chance to be the new MP for a sprawling SA seat after exiting the corporate world with a hope to bring a back-to-basics economic approach.
AFL’s Port Adelaide and Gupta’s GFG settle guernsey stoush
The AFL club and a company associated with Sanjeev Gupta have hashed out a settlement over missing sponsorship payments.
Ben Brazil’s FitzWalter calls off $800m InfraBuild debt suit
Sanjeev Gupta’s Australian steel-making business declined to provide details except to say the former Macquarie deal maker had agreed to dismiss the claim.
Greensill Bank alleges IAG executives knew of billion-dollar policies
The claim, filed with the Federal Court, has been brought against the insurance giant by German investors owed money by Lex Greensill’s failed financial group.
BlueScope finds $180 million repair bill for Whyalla steelworks
While parties have begun circling the plant, run by businessman Sanjeev Gupta until February, administrators have been warned upgrades are urgently needed.
Sanjeev Gupta refuses to hand over control of Whyalla port
KordaMentha has taken the British industrialist to court, claiming he refuses to hand it control of the town’s port, jeopardising plans to find a new owner.
Sanjeev Gupta’s InfraBuild reshuffles its debts to hold off default
The steel-making business said it would raise an extra $240 million from bondholders, already owed $880 million, and pay down other loans due next year.
Fitch Ratings says Gupta’s InfraBuild faces default within months
The sprawling steel business is the British industrialist’s last good asset. The credit agency says a breach of its lending agreement “appears probable”.
March
Gupta back spruiking ‘spirit of GFG’ at Cafe Sydney
Subtlety isn’t Sanjeev Gupta’s style, so it’s little wonder he isn’t even waiting for administrators to leave Whyalla before again burnishing GFG’s brand.
Ben Brazil’s InfraBuild lawsuit spurious and illogical: Gupta
In response to a New York lawsuit, the British industrialist said bond agreements expressly allowed the use of company funds to pay GFG Alliance creditors.
Whyalla steelworks in $60m emergency spend to secure coal supply
The steelworks’ administrators have secured coking coal from BlueScope, China and Indonesia to keep making steel after it was left with only three days’ supply.
Sanjeev Gupta’s InfraBuild delays accounts for third time in a month
Despite having circulated its unaudited half-year financial results to bondholders on March 3, it has repeatedly delayed a call to discuss the finalised figures.
Whyalla steelworks halted, millions in capex urgently needed
“Because of the underinvestment, inadequate maintenance and servicing of critical infrastructure, the steelworks are in a state of disrepair,” says KordaMentha.
ASX slips below 8000; Huge waves slam beaches; Joe Aston on WiseTech
Read everything that’s happened in the news so far today.
Whyalla collapse disrupts Gupta’s plans to save British steel mills
Last month, the industrialist said he was on the verge of striking a deal to repay billions of dollars. But a deadline to finalise it is in doubt.
Gupta’s InfraBuild sinks to $81m half-year loss as debts balloon
Documents circulated to lenders show the company, which runs furnaces in Sydney and Melbourne, bought $140 million in steel from the collapsed Whyalla plant.
Private credit heavyweights in exclusivity to save Gupta’s InfraBuild
Boston-headquartered Gordon Brothers and private markets investor Alpha Wave Global have been in negotiations to provide an asset-backed lending facility to InfraBuild.
Whyalla steelworks sought $144m cash for steel that did not exist yet
Administrator Mark Mentha says the first week of stabilising the company, including unravelling millions in prepayments, was like “drinking out of a fire hose”.
Whyalla’s administrators say steelworks was ‘hard-wired’ for losses
The South Australian government expects KordaMentha to run the plant until mid-2026, after the mill was seized from British industrialist Sanjeev Gupta.
Sanjeev Gupta’s contractor knows how to plan a holiday
NRW Holdings’ managing director Jules Pemberton might be the country’s best leave whisperer.