Overview

• Judge James Mellor granted a compulsory winding-up, calling Speciality Steel UK “hopelessly insolvent.”
• The Official Receiver becomes liquidator and has appointed Teneo as special managers to operate the business.
• Ministers will fund staff pay and essential costs while a sale process is pursued, with about 1,450 jobs at Rotherham and Stocksbridge affected.
• Gupta’s proposed pre-pack, prepared with Begbies Traynor and linked to funding from a BlackRock support letter and talks with Fidera, was rejected, though GFG can bid in any sale.
• Court filings and reports cite heavy losses and curtailed production, with creditors led by Greensill administrators seeking recovery of hundreds of millions of pounds.