Bain Capital Credit, Oaktree Capital Group and White Oak Global Advisors are in talks to refinance some of Sanjeev Gupta’s borrowing from Greensill Capital at some of his Australian businesses, the Australian Financial Review reported. The funds have been carrying out due diligence to provide at least $430 million to GFG Alliance’s Australian Mining and Primary Steel units, including the Whyalla steel mill in the south of the country. One of the funds could conclude a deal with GFG as soon as early May, said the people, who asked not to be named because the talks are private. There is no certainty the talks will result in a deal, the people said. The financing would provide relief for Gupta as he attempts to secure the future of his teetering metals empire following the demise of Greensill, his largest backer, in March. Gupta’s GFG has borrowed about $US5 billion from Greensill, of which some $430 million was through a facility for the Australian Mining and Primary Steel business. The refinancing of that facility would allow Gupta to fend off an attempt by Credit Suisse Group to wind up some of the Australian assets. The Swiss bank is seeking to push some GFG units into insolvency to recover part of the loans it made to the group through Greensill. A first hearing on the petition is scheduled for May 6. Read more.