ao link
0 £0.00
This item was added to your basket
Powered by
Credit Strategy homepage

GFG Alliance in talks with Glencore over loan

GFG Alliance is reportedly in talks with Glencore to refinance debt at its European aluminium business Alvance.

The news, first reported in the Financial Times, comes as the Sanjeev Gupta-owned company looks to restructure and refinance its debt after the collapse of supply chain finance group Greensill Capital. According to the BBC, this led to GFG Alliance losing more than £1bn.

The Financial Times reported that Glencore is in discussions to refinance more than $500m (£361m) of debt at Alvance, which has assets based in France and Belgium. The agreement will mean Gupta would remain the firm’s owner.

According to documents published by GFG Alliance in March, Alvance had an enterprise value of more than $1bn (£722m), based on expected earnings of more than $150m (£108m) for 2021. Glencore’s aluminium unit, meanwhile, already buys its metal from Liberty Steel - another company owned by GFG Alliance.

Credit Strategy has reached out to both Glencore and GFG Alliance for comment. Glencore declined to comment. A spokesperson for GFG Alliance, meanwhile, said: “GFG continues to focus on the restructuring and refinancing of its businesses following the collapse of Greensill Capital. The Alvance portfolio is performing well supported by strong market conditions.”

According to the Financial Times, the deal with Glencore would repay several debt facilities across the Alvance business. Alvance’s Dunkirk aluminum smelter - which is the largest in Europe - has a $260m (£187m) loan against it, while its rolling mill has a further $59m (£42m) of debt.

Please login to continue reading this article.

Not a member?

Become a member

FREE registration. No credit card required

Register now
  • Stay up-to-date with industry news and appointments
  • Hear about events first
  • Read 1 free Premium article per month

Become a premium member

From as little as £3.48 per week

Become Premium
  • All the perks of a standard member plus:
  • Access to the entire Credit Strategy website
  • 12 months subscription to Credit Strategy Magazine
  • 25% discount to all conferences
  • Exclusive access to Premium Member only roundtables
  • 50% off award entry fees



Corporate insolvencies up 63% in June 2021

Corporate insolvencies up 63% in June 2021

Hurricane Energy net free cash position "proves liquidity" 

Hurricane Energy net free cash position "proves liquidity" 

Greensill failure doesn’t demonstrate need for regulation, says Treasury Committee

Greensill failure doesn’t demonstrate need for regulation, says Treasury Committee

Credit Strategy
LinkedIn page

Member of

Did you find our website useful?

Thank you for your input

Thank you for your feedback – an online news and information service for the UK’s commercial and consumer credit industry. is published by Shard Financial Media Limited, registered in England & Wales as 5481132, Axe & Bottle Court, 70 Newcomen St, London, SE1 1YT. All rights reserved. Credit Strategy is committed to diversity in the workplace. @ Copyright Shard Media Group