LONDON (Reuters), – On Sunday, the GFG Alliance stated that it had reached a debt restructuring agreement with Credit Suisse (SIX) for Australian coal and steel mining assets. It also announced that it would inject 50,000,000 pounds ($68 million), to help the British electric furnace Rotherham get back on its feet.

GFG is owned by Sanjeev Gupta – a commodities tycoon. GFG has struggled to refinance its cash-strapped web of steel, aluminium, and energy businesses after Greensill Capital, a supply chain finance firm, filed for bankruptcy in March.

GFG stated that the debt restructuring of its assets in Australia will enable GFG to make an “substantial upfront payments” to Greensill Bank, Credit Suisse and the remainder in installments until June 2023.

Credit Suisse, Zurich had disclosed $2.3 billion in loans that were subject to legal and financial uncertainties. These loans included Greensill-linked supply-chain finance funds. Some $1.2 billion was related to GFG.

According to the statement, Liberty Steel will begin production in October following the cash injection. The goal is for the monthly output of 50,000 tonnes.

Jeffrey S. Stein (chief restructuring officer) stated in the statement, that European new lenders had expressed an interest in refinancing GFG’s steel assets.

GFG Europe claimed it launched legal proceedings against AIP, a private equity firm. AIP said that it took control of GFG’s Dunkirk smelter, Europe’s biggest primary aluminium producer.

($1 = 0.7332 pounds)