Liberty Steel Unit sued for $ 138 million venture capital loan

By Lucia Osborne-Crowley (Sept. 24, 2021, 4:07 p.m. BST) – A US venture capital firm is suing one of the companies controlled by steel magnate Sanjeev Gupta for $ 137.7 million in loans it claims , matured when the company’s parent company collapsed.

Lightship Capital II LLC told the High Court in an Aug. 31 application, which has just been made public, that Liberty Industries France – which is part of the Liberty Steel group owned by Gupta – should be ordered to repay the $ 137 million. loan dollars.

The claim argues that the original contract specified that the loans would be due immediately in the event of a change of control at Liberty Industries. Phone…

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