UK Makes Plan to Take Control of Sanjeev Gupta’s Steelworks (1)

The UK government is preparing to line up managers to take control of tycoon Sanjeev Gupta’s steelworks should they fall into liquidation.

Lawyers for a creditor to Speciality Steel UK Ltd., part of the Liberty Steel Group, told a London court on Wednesday that government officials were preparing to appoint special managers in the event that the steel operations are wound up. The firm, which has just £600,000 in its account and employs more than 1,400 people, is teetering on the edge of insolvency.

Sanjeev Gupta

Photographer: Carla Gottgens/Bloomberg

Gupta has been racing to find funding and is negotiating with funds managed ...