9th Jun 2022
1 minute read

Redcar Bulk Terminal

Overview

Stephen Cork and Neil Smail of Cork Gully LLP were appointed as Joint Receivers over shares held by Sahaviriya Steel Industries UK Limited (in Liquidation) (SSI UK) in Redcar Bulk Terminal Limited (RBT) by a syndicate of Thai banks owed excess of $1billion. The other shareholder in RBT at the time was British Steel Limited (in Liquidation).

SSI UK was served with a pre-emption notice by British Steel Limited (in Liquidation). SSI UK, acting through the Joint Receivers bought the shares held by British Steel Limited (in Liquidation) on 5 February 2020 for an undisclosed sum.

Following the acquisition of the shares, the Joint Receivers were appointed as Directors of RBT. The Joint Receivers, acting as Directors of RBT have been responsible for operating the terminal for the last 2 years working closely with SSI PCL (SSI UK’s parent company).

On 7 July 2022 the Joint Receivers successfully transferred the shares to an SPV owned by SSI PCL.

RBT

RBT is a deep-water marine terminal situated on the South Bank of the River Tees on the North-East coast of the UK operating a 320-metre-long quay equipped with 2 x rail mounted gantry cranes with both grab and hook capability, including:-

  • Extensive storage area lying immediately adjacent to the quay extends over an area of 126 hectares (freehold land) to provide short/long-term storage for a variety of bulk cargoes as well as assembly/disassembly of large offshore wind/carbon sequestration projects;
  • A multimodal port terminal capable of handling fully laden cape-size vessels with drafts up to 17 metres and bulk discharging rates of up to 40,000 tonnes per day;
  • The terminal has separate rail loading and offloading facilities for the efficient handling of rail traffic combined with excellent road links; and
  • Dedicated and well-trained workforce offering a full range of stevedoring and terminal handling services together with on-site work shop facilities.

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