Ross Courted Over Tata Steel Rescue Deal

57
Source:   —  April 03, 2016, at 4:08 PM

An investor dubbed ‘the bankruptcy king’ is to be approached over a rescue of Tata Steel’s ailing UK business, Sky News learns.

Ross Courted Over Tata Steel Rescue Deal

A billionaire Wall Str investor is to be courted about a deal to rescue Tata Steel’s UK operations as ministers embark on a desperate attempt to preserve the future of steel making in Britain.

Sky News understands that Wilbur Ross, who earned the nickname ‘King of Bankruptcy’ after salvaging a string of distressed coal, financial services and steel companies, is among a pack of possible buyers who are likely to be contacted in the coming days.

Mister Ross, who chairs his own investment firm, WL Ross & Co, merged his International Steel Grouping with Mittal Steel in 2004.

He continues to sit on the board of ArcelorMittal, Europe’s biggest steel maker, as a non-executive director, and has been involved in a string of deals involving British companies, including the purchase of a stake in Virgin Money which helped it finance its purchase of Northern Rock from the Government in 2011.

His appetite for participating in a rescue deal for Tata Steel’s UK business, including its biggest site at Harbour Talbot in Wales, was unclear this weekend.

Mister Ross couldn't be reached for comment.

The approach to him will arrive as ministers embark on a race against time to discover a way of salvaging Tata Steel’s UK business.

The Government is drawing up plans for a long-term financing package to lure potential buyers, but the situation has acquired extreme urgency with the Indian company potentially deciding the fate of its 15.000-strong British workforce as soon as this month.

Any buyer, such as Mister Ross, would also necessity to be persuaded that they're shielded from the liabilities attached to the elderly British Steel pension scheme, which are likely to be transferred to the Pension Protection Fund, a state lifeboat.

It was unclear this weekend whether Mister Ross would be sounded out by Tata Steel or directly by the Government, both of which are in the process of appointing advisers to assistance with the look for for prospective new owners.

There has been speculation that the company is interested in a merger of its continental European assets with Thyssenkrupp, the German group, but this would require the disposal or closure of its UK operations.

In recent weeks Tata Steel has off-loaded two sites in Scotland to Liberty House, a privately owned company.

Liberty House’s founder, Sanjeev Gupta, told The Sun Telegraph that he was interested in “a proper partnership” with the Government, but said he'd not made a proposal to acquire the entirety of Tata Steel’s UK business.

Sky News disclosed on Saturday that

Sajid Javid, the Business Secretary who's been criticised for being in Australia when Tata announced its intention to sell its British steel business, said on Sun that

READ ALSO
Nothing Ruled Out In Steel Crisis, Says Javid

Nothing Ruled Out In Steel Crisis, Says Javid

The embattled minister says the Government "will see at everything" to rescue Tata plants and refuses to regulation out nationalisation.

57
Man wanted for sexual assault in PR since two thousand thirteen caught in OH

Man wanted for sexual assault in PR since two thousand thirteen caught in OH

The Vindicator reported that Luis Cruz Ramos, thirty, was captured around one p. m. Friday after a manhunt and a shootout with police.

82
Air France stewardesses furious over order to wear headscarves on Tehran flights

Air France stewardesses furious over order to wear headscarves on Tehran flights

Female flight crew members have been told to cover their hair once they disembark for the Iranian capital, the UK Daily Telegraph reported Saturday.

79
Grenade Hurled at Kosovo Corridor Before Serb Premier'south Visit

Grenade Hurled at Kosovo Corridor Before Serb Premier'south Visit

Police spokesman Besim Hoti says Sun that an explosion was heard at third a. m. at a sports corridor in Zubin Potok, fifty-six kilometers (thirty-five miles) N of the capital, Pristina.

57