Indian court clears ArcelorMittal's Essar Steel buyoutChristian Fernsby ▼ | November 18, 2019
ArcelorMittal inched a step closer to acquiring India's 10mn t/yr Essar Steel as India's Supreme Court approved the existing bankruptcy resolution plan for Essar.
Indian businesses ArcelorMittal Italia
Topics: India ArcelorMittal Essar Steel
A review petition is allowed to be filed on a Supreme Court judgement, which will add another layer of legal scrutiny if some of the lenders choose to do so.
The current case was filed by unsecured creditors of Essar, which wanted a bigger share of the acquisition proceeds. ■