London | The collapse of the Whyalla steelworks has punched a hole in the last-gasp bid by embattled businessman Sanjeev Gupta, the South Australian plant’s former owner, to salvage his British operations.

Gupta had in mid-February claimed to be on the verge of striking a deal with creditors over billions of dollars in outstanding worldwide debts. A British court gave him until late March to submit a final plan for court approval.