Zyuzin, owns 67.42% zakreditovannogo “Mechel” (net debt – $ 8.3 billion), freed from the mortgage still 14.35 % of the company. According to “Kommersant”, a large part of this package has been laid on the loan “Uralsiba.” State-owned banks – the lenders “Mechel”, which account for more than half of the debt, insist on its conversion into equity of the company. Perhaps Mr. Zyuzin releases liens in an attempt to protect themselves from hostile action, analysts say.
principal owner and chairman of the board of directors of “Mechel” Zyuzin brought from under the mortgage has 14.35% of the shares of its ownership interest to 67.42% shares, the company said yesterday. Now pledge loan businessman remains 27.22% stake. In April, Mr. Zyuzin deduced from the collateral for the loan VTB 17.8% of the shares of “Mechel” (see. “Kommersant” on April 17).
Sources “b” in the banking market say that “most” of the package released in 14.35% was laid on the loan “Uralsib” which Zyuzin “recently repaid . ” “Zyuzin as” Mechel “, performs all obligations to the bank,” – confirmed by a source “b” close to “Uralsib”. The exact size of the pledged bank loan size and package source “b” do not call. “Mechel” at the end of 2013 was due to “Uralsib” $ 58 million. B “Uralsibe” declined to comment, in “Mechel” does not comment on the action of the shareholders.
Zyuzin began to attract loans for the purchase of shares of “Mechel” from his partner Vladimir Ioriha in 2006 (he owned 42% of the company, the piece was sold in the market). Experts estimated the money spent at $ 1.5 billion. Who laid belonging Igor Zyuzin action “Mechel”, is revealed only in December 2009 (it was Raiffeisenbank, VTB and “Uralsib”), but the structure and size of the package of mortgages changed repeatedly. One of the interlocutors “b” on the market says “good position” in the pledge of shares of “Mechel” Gazprombank (GPB). The representative of the GPB last questions “b” is not answered.
Net debt of “Mechel” is about $ 8.3 billion, the largest creditors – GPB ($ 2.3 billion), VTB Bank ($ 1.8 billion) and Sberbank ($ 1.3 billion). In the spring of state-owned banks, the government and the company are trying to find a debt restructuring scheme of “Mechel”, but still can not reach a compromise.
Sources “b” say that after EBV refused to participate in the process, the most appropriate is considered debt conversion “Mechel” in the capital of the company with an option to purchase Igor Zyuzin securities ( he will remain at 5% conversion of debt of state banks). But, according to the source “b”, Mr. Zyuzin disagrees, offering to wait to improve conditions in the coal market.
Andrew Tretelnikov of RMG believes that Zyuzin, bringing the action from under the mortgage is insured against hostile takeovers by major creditors or other interested parties possible. Now he is free from collateral in excess of 25%, which allows you to block the adoption of decisions unfavorable to him, if the rest of pledged securities will be transferred to other persons, the analyst says. Sources “b” familiar with the situation in “Mechel”, in April said that the part of the fall in the stock of Mr. Ziuzina arises “a certain nervousness,” and he tends to release the paper to avoid having to increase the collateral for the margin call or loss of market. Stock Quotes “Mechel” August 8 reached historic lows, the company’s capitalization on the Moscow Stock Exchange amounted to only $ 450 million.
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