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Mechel - Sberbank Agreement
April 20, 2016 03:22


(Source: http://www.vip74chel.ru/novosti/yekonomika)

“Mechel” Mining and Metallurgical Holding has signed and approved settlement agreements on restructuring of the debt to “Sberbank” in the court. This is stated in a press release received by the editorial board of “Lenta.ru” on Monday, April 18. The total debt amount makes up 30 billion roubles and 427 million dollars.

The agreement provides for a delay in the repayment of the debt body until April 2017 with subsequent monthly repayment until April 2020. In addition, it includes a delay in the payment of a part of the interest. Earlier in April “Mechel” had agreed with Gazprombank on the sale of shares in subsidiaries providing for the development of the Elga coal deposit.

In accordance with the agreement, the bank will receive 49 percent of the company-operator of the “Elgaugol” project (owning the license to development), the “Elga Road” company with the balance sheet containing a railway line from the deposit to BAM that is 321 km long, as well as “Mechel-Trans Vostok” - the transport railway operator. The transaction should be concluded before July.

“Mechel” expects to gain 34.3 billion roubles for the purchase of its assets, the money will go to pay off the debt to Sberbank. At the beginning of September 2015 “Mechel” agreed with VTB on the restructuring of the debt of 70 billion roubles and signed a corresponding agreement with Gazprombank in late August. The pure debt of the metallurgical holding makes up about 6.7 billion dollars.


Sources: http://lenta.ru 


Author: Anna Dorozhkina

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