GFG Set for Crunch Talks With Unions as Pressure Mounts on Gupta
- Group ‘started to default’ on obligations: Greensill filing
- Network employing 35,000 people was Greensill’s largest client
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Executives from Sanjeev Gupta’s steel and aluminum empire will meet with U.K. unions on Tuesday, a day after it emerged it had told Greensill Capital that it too faces insolvency without the firm’s financing.
The meeting between representatives for GFG Alliance and unions comes amid fears of job losses across Gupta’s sprawling business, which employs 35,000 people in 30 countries. The impact of Greensill’s collapse has until now been unclear, but in a court filing on Monday the lender said that its largest customer by value had fallen into “severe financial difficulty.”