The Strasbourg High Court approved an investment plan supported by private investor Greybull Capital, the former owner of British Steel, the French state and others, which makes B3S (formerly known as Ascoval) fully operational. The court accepted the request filed by Olympus Steel Ltd, which is owned by Greybull, and B3S, to change the B3S rehabilitation plan and allow it to exit the liquidation procedure through an investment program totaling 94.5 million euros, B3S said. The statement followed a court hearing on the matter last Friday.
B3S said: “Of the total bailout package of 47 million euros, Olympus Steel, a shareholder of B3S, and private banks are investing. The French state allocates 25 million euros, the city of Valenciennes, where BS3 is based, - 10 million euros, and other French regions - 12 million euros. Of the total amount of 20 million Euros, B3S and the French state have already been invested since May 15 of this year, and now the Strasbourg court has allocated another tranche of 17.5 million Euros, which will be offered by Olympus Steel, the French regions and Valenciennes. in August. B3S financing agreements have already been concluded. The sales development plan is progressing. ”
