Newspaper article The Journal (Newcastle, England)

SSI Owners Confirm Sale Option

Newspaper article The Journal (Newcastle, England)

SSI Owners Confirm Sale Option

Article excerpt

THE Thai owner of SSI UK has agreed a deal to restructure its massive debts, as its boss confirmed the struggling Redcar plant could be put up for sale.

SSI - which is Thailand's largest steel producer - has secured a deal with its three main banks to move the deadlines for repayments of around PS900m.

SSI shares were suspended on the Thai stock exchange yesterday, after Friday's announcement that it was "pausing" steel production on Teesside.

A total of 2,000 SSI workers and 1,000 contractors are now waiting to see if a deal can be struck to help re-start production.

Several options are being considered, including selling the Teesside assets, SSI group chief executive Win Viriyaprapaikit told a press conference.

The debt to be restructured also included loans owed by SSI UK worth around PS509m, Mr Win said.

He added that talks with all "stakeholders", including unions and the UK Government, relating to SSI UK will be concluded by the end of September. …

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