Sanjeev Gupta’s French, Belgian Units Seek Creditor Protection

GFG Alliance’s steel units in France and Belgium started creditor protection procedures, adding to the list of businesses owned by Sanjeev Gupta seeking court help to see them through the collapse of Greensill Capital, his largest lender.

GFG’s Ascoval plant and a unit in Hayange filed for conciliation in France, a pre-insolvency procedure that allows company directors to retain control of the business while seeking a restructuring deal with creditors, according to people familiar with the matter.

The firm running steel plants in Liege, Belgium under the Liberty Steel banner filed for a similar process under local rules and requested ...