Terms Agreed for Proposed Sale of Alphasteel to Libala Ltd

Chris Morris and Mark Fry of Begbies Traynor, the UK’s leading independent business rescue, recovery & restructuring specialist, as the joint administrators of Alphasteel Ltd, announce that terms have been agreed for the proposed sale of the Alphasteel plant and certain other of its assets to Libala Ltd (“Libala”), a company affiliated to Mirinvest which is controlled by Vadim Varshavsky and is an investment vehicle with interests in a number of steelmaking plants.

Chris Morris, Joint Administrator, commented:

“We are pleased to have reached an agreement with Libala, which should yield significant returns for creditors. 

“It is our understanding that Libala intends to recommence production at the plant in due course and that some of the jobs will be restored.”