Hurry to Buy: British Steel Bid Deadline Expires at Midnight
Monday, July 15 at midnight is the deadline for applications for the acquisition of the assets of the bankrupt British Steel company. As stated in the office of the official liquidator, the process of selecting an applicant can be completed by the end of this month, and the closing of the deal by the end of August.
According to preliminary data, about 10 bidders, whose names have not yet been disclosed, can buy British Steel. The liquidator said he was happy with the list of interested companies, but, just in case, set about making plans for the processes that would be required to wind up and decommission the Scunthorpe smelter if the buyer never showed up, showing how critical the next few days were.
“I am encouraged by the level of interest in buying British Steel. Now I am continuing the discussion with potential buyers who have made the most viable proposals for the business, "Sky News quotes the liquidator.
Sky News said that having contingency plans to shut down production does not necessarily mean that the plant will not have a new owner.
The broadcaster also stated that some bidders told the liquidator that they would need hundreds of millions of pounds of government support to take on Scunthorpe's problems.
One potential buyer with an interest in the entire company is reported to be steelmaker Erdemir, which is owned by the Turkish Armed Forces' pension fund. It also received confirmation from the rail monopoly Network Rail that it will make an offer for the rail division of the plant if no other buyer is found. The company is one of the largest clients of British Steel.