Saturday, May 30, 2015

VTB may sign an agreement on debt restructuring “Mechel” – New Kuzbass

«Vneshtorgbank” is currently engaged in negotiations on the agreement on debt restructuring “Mechel”, which can be signed by the end of June, according to RBC with reference to the head of “Vneshtorgbank” Andrei Kostin.

According to Kostin in parallel with negotiations, “Mechel” is gradually taking steps to settle its arrears to the bank, but the bank, despite this, reserves the right in case of failure of signing documents, use all available legal tools.

If the up the end of June all could agree on contentious issues, the proceedings will be terminated. After that, the parties will cooperate in the framework of the new agreement, added the head of VTB.

At the beginning of May, the bank filed lawsuits to JSC “Holding Company” JAkutugol “, OAO” Korshunov Mining Plant “and OAO” Coal company “Southern Kuzbass” . The total debt of about 1.9 billion rubles, the preliminary hearing scheduled for June 17.

In April, a meeting of the Moscow Arbitration Court, which decided to fully satisfy the claim of VTB to recover from the “Mechel” 50.2 billion rubles. With “Mechel” was recovered a total of about 45 billion rubles of principal, 3.2 billion rubles in accrued interest, yet 1.9 billion rubles of penalty on principal and 557 million rubles of penalty for delay in the payment of interest. Currently, the decision has not entered into force because the corporation has filed an appeal against it.

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