Superdry Plc is seeking to tap investment funds to repay banks on a loan due in January as the cost of living crisis hits consumer spending, Bloomberg News reported. The London-listed clothing company has been sounding out potential new investors to replace an asset-backed facility worth £70 million ($83 million), according to people familiar with the matter, who asked not to be named because the talks are private. The company said that it’s in “positive ongoing discussions with lenders” when contacted by Bloomberg News, reiterating what it said in a quarterly report published last month.

The U.K. arm of Sanjeev Gupta’s steel empire has struck a preliminary deal with major creditors that could let it stave off insolvency proceedings by restructuring its debts, BM Magazine reported. Liberty Steel Group has reached a preliminary agreement with Credit Suisse Asset Management, Greensill Capital and Greensill Bank to restructure its debts, the steelmaker said in a statement. If finalized, the agreement in principle would see Liberty’s creditors adjourn their petitions to wind up Gupta’s embattled steelmaking firm.

President Vladimir Putin urged the Russian government on Wednesday to control car prices, as one industry head said Western sanctions could send annual sales crashing to below 1 million for the first time since records began, Reuters reported. Auto sales have fallen over 60% so far this year, and may end up being less than a quarter of what they were a decade ago, according to Maxim Sokolov, head of Russia's top carmaker Avtovaz.