Reports today show BlackRock is backing a financing proposal linked to Sanjeev Gupta to support a pre-pack administration sale of Liberty Steel’s Specialty Steel unit in the UK. The structure under discussion would see administrators appointed and the business sold back to a Gupta-linked entity using new funding; creditors including UBS and parties connected to the failed Greensill Capital remain contesting aspects of the plan. Reported creditor claims are sizeable (reported claims roughly £235 million or higher in some coverage) and a High Court hearing on a related winding-up petition is pending — adding legal complexity. Administrators and insolvency advisers have been named in press reports as possible facilitators, though no court appointments were finalised at the time of the coverage. Liberty Steel’s management said options are under discussion to protect creditors and employees; unions urged a stable resolution to safeguard around 1,500 jobs said to be linked to the business unit. The involvement of a global asset manager such as BlackRock would mark a notable twist in attempts to preserve operations and value in a restructuring that has attracted regulatory and creditor scrutiny in recent months. Next procedural steps will be shaped by creditor votes, court rulings and any new funding commitments.