Liberty Steel Unit Sued For $138M Venture Capital Loan

On Sep 24, 2021

By Lucia Osborne-Crowley (September 24, 2021, 4:07 PM BST) — A U.S. venture capital firm is suing one of the companies controlled by steel mogul Sanjeev Gupta for $137.7 million in loans it says fell due when the business’ parent collapsed.

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

The claim argues that the original contract specified that the loans would come due immediately if there was a change of control at Liberty Industries. Such…

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Credit: Source link