Again the administration is mobilized to avoid sinking into an industrial group. The Hauts-de-France regional council said it has voted a 12m-euro loan in a recovery plan for the British subsidiary of British Steel Steel, British Steel, which is far from filing …
Financial assistance for British Steel
This may be the last chance for funding the British steel group that took Ascoval steel factory in Saint-Saulve who is currently experiencing financial difficulties. Yesterday, the votes in the Hautes-de-France Regional Council relied on a 12m-euro loan the French subsidiary of the group, British Steel Saint Saulve, ex Ascoval. The loan must be repaid in less than seven years, until 2026, interest rate of about 4%.
This monetary manna strives "Aid for the financing of the working capital requirement and the necessary investments for his project for the recovery of assets" provided advice. The group will receive the loan in two tranches: the first payment of 8 million euros will be made until June 30 and second – from 4 million before 15 October.
In a separate statement from May 15, the Ministry of Economy and Finance confirmed "His support for the reconstruction project and will provide his share of funding under the agreed conditions to allow the effectiveness of this recovery tomorrow."
Bad pass for the British band
This Tuesday we learned this the entire British Steel group is talking about a dead end that could lead to bankruptcy if not urgently received a loan of £ 30 million (or € 33.6 million) from the British government, according to two sources close to the case.
As regards the French subsidiary British Steel Saint Saulve, the latter received local funding from Hautes-de-France Regional Council, so that its business is "normal" until it finds a "lasting solution" to its financial difficulties.
Source: (https://www.lepoint.fr/company/the-region-highlights-of-france-vote-a-prot-de-12-millions-d-euros-a-british-steel-saint-saulve -Ex-ascoval-21-05-2019-2314146_23.php)