London  —  Tycoon Sanjeev Gupta’s Liberty Steel Group said on Monday it would sell several UK assets and was holding talks with Credit Suisse about a standstill deal for its Australian unit after the collapse of Liberty's key lender Greensill Capital.

Gupta’s family conglomerate had been seeking refinancing of its cash-starved web of businesses in steel, aluminium and energy after supply chain finance firm Greensill filed for insolvency in March...