Jaguar Land Rover could face new deficit

Jaguar Land Rover could face new deficit

FineAuto

Liberty Aluminum Technologies (LAT), a division of the GFG Alliance, run by industrialist Sanjeev Gupta, has three manufacturing sites, employs 250 people in the UK and is reportedly on the verge of bankruptcy if negotiations with creditors turn out to be. to no avail.

Sky News cites sources that LAT could go bankrupt and close “within a few days” if no buyer is found. Last month, it was announced that GFG-owned Liberty Steel would sell several of its UK plants to raise capital, putting about 1,500 jobs at risk.

Jaguar Land Rover (JLR) is listed as the primary LAT customer. While it is unclear what components it supplies to the automaker, aluminum forms the basis of the body and chassis of many current JLR models.

LAT was put up for sale in May as part of the GFG restructuring program, but no buyer was found. The Guardian reports that LAT has asked its main bank, Close Brothers, for more time to negotiate with four potential buyers. The newspaper quotes a company spokesman as saying it is targeting a “fast track sales process” if Close Brothers agrees to the extension.

Add your comment

Your email address will not be published. Required fields are marked *