Yesterday
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.
This Month
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.
February
Creditors of collapsed Whyalla steelworks owed $1b
Sanjeev Gupta, the British industrialist who acquired the South Australian plant in 2017, has told staff his GFG business is owed $500 million.
Sanjeev Gupta’s last best asset faces a Ben Brazil-shaped problem
The former Macquarie dealmaker says the British industrialist’s InfraBuild must buy back $800 million in bonds. The company says it is a “nuisance complaint”.
Sanjeev Gupta’s largest creditor leads an Insta-rich life
NRW Holdings has been revealed as Whyalla’s biggest creditor. The company’s CEO has been globetrotting while the Gupta debts hit home.
December phone call led to Whyalla steelworks bust
A call to administrator Mark Mentha two days before Christmas culminated in the dramatic seizure of Sanjeev Gupta’s steel plant two months later.
Whyalla steelworks fallout trips up $1.5b mining contractor
NRW Holdings must hastily redo its half-year result because its Golding business is owed up to $120 million in the collapse of part of Sanjeev Gupta’s empire.