Sanjeev Gupta's Liberty Steel says reached a standstill with Greensill Bank

Sanjeev Gupta’s Liberty Steel said it reached a standstill agreement with Greensill Bank AG, its largest creditor, on debt facilities relating to its European steel businesses.
 

The deal, which is valid until Oct. 31 and could be extended to year-end, will provide breathing room for Gupta’s GFG Alliance as it seeks fresh financing. The German bank, acquired by Greensill Capital before its collapse last year, held much of the $5 billion of loans that Gupta received from the fintech firm.

The agreement marks progress for Gupta as he tries to restructure the debts of his sprawling metals empire. He is