British Steel has entered the insolvency process, jeopardizing 5,000 U.K. jobs and endangering a further 20,000 in the supply chain.
EY has reportedly been appointed as special manager by the British government's Official Receiver, after a breakdown in rescue talks between the government and the company's owner, Greybull Capital.
British Steel had requested a £75 million government loan but has since cut the figure to £30 million after Greybull agreed to inject more money, according to Reuters. Greg Clark, Secretary of State for Business, said this will be a "deeply worrying time for the thousands of dedicated British Steel workers, those in the supply chain and local communities."
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