Sunday, July 5, 2020

Official Receiver is ready to talk to other interested parties about the sale of British Steel

Talks to complete the sale of British Steel with Ataer Holdings will continue even though the Official Receiver has indicated a willingness to talk with other interested parties.

The period of exclusivity with the Ataer Group to complete the sale of the company and its subsidiaries (excluding York-based TSP Projects Limited, which has been sold separately) ends this week.

The Official Receiver said: “While discussions with Ataer are continuing, discussions with other parties who have expressed continued and renewed interest in acquiring the whole British Steel business will now be possible.

“I have instructed the Special Managers to engage with these additional interested parties. Diligence team members from these parties are expected to visit the company’s sites over the coming days and weeks. Meanwhile Ataer remain very much interested in acquiring the business and we remain in detailed discussions with them to conclude a sale.

“I remain focussed on achieving a sale of the business and assets of British Steel as quickly as possible, to achieve the best possible outcome for the Company’s creditors. The conclusion of the exclusivity period allows us to consider all of the options available at this point in the process. I would like to thank the team at British Steel for their continued support and hard work during this period of uncertainty.”

Sale of TSP Projects
TSP Projects Ltd, a wholly-owned subsidiary of British Steel Ltd,  has been sold to SYSTRA Ltd.

Based in York, TSPP provides consultancy, design, engineering and on-site project management services. The sale of TSPP’s shares to SYSTRA Ltd – the UK subsidiary of French-based SYSTRA Group – will expand SYSTRA’s footprint in the UK and preserve over 400 jobs at TSPP. This transaction is a solvent sale and TSPP is not in any insolvency proceedings and remains liable to continue to support its pension scheme.

This sale has no impact on the proposed sale of the remaining British Steel group and exclusive talks with the preferred buyer, Ataer Holdings A.S., are continuing.

Special Managers
The Court has appointed Hunter Kelly, Sam Woodward and Alan Hudson of EY to act as Special Managers to assist the Official Receiver with his duties as liquidator.

British Steel in liquidation is continuing to trade and supply its customers. The Special Managers are keeping the company’s customers informed about the progress of the liquidation. Meanwhile, staff continue to be employed and paid. The Special Managers are engaging with employee representatives to keep staff informed about the progress of the liquidation. An employee helpline has been established on 0161 333 2666.=

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