Controlled Igor Zyuzin Russian metals giant “Mechel” terminated the powers of board members. August 19 Board of Directors will elect the board in the new structure. Experts believe that the formation of the new composition of the Board may be due to problems with the payment of debts of the company. Whether to keep for a Zuzin as head of the Board of Directors, is unclear.
Russian mining and metals giant “Mechel” to terminate the powers of the board members. The official statement of “Mechel” states that on August 19 the board of directors will elect a board in the new structure. The agenda of the Board of Directors will also include the question of determining the number of members of the Board.
The Board of “Mechel” is not re-elected more than a year. To date, the company’s board of directors consists of 11 “Mechel” and its subsidiaries, including three directors left the company during the year.
«Board of Directors tomorrow will re-elect the board of JSC” Mechel “. This is a regular procedure necessary for the formal exclusion from the board of top managers left the company during the past year “- said” the Newspaper “Deputy Director of Public Relations” Mechel “Arseny Palagin. At the same time he did not specify nominations for new members of the Board. In recent years, “Mechel” left a number of employees that were part of the board. Among them – the CEO Eugene Michel, senior vice president for finance Stanislav Ploschenko, vice president of technology development Andrew Deyneko and Vice President, Business Operations Michael Urvantsev. A source familiar with the negotiations on the debt restructuring of the company, said that the final decision between creditor banks and Igor Zyuzin still not been achieved.
, controlled by Igor Zyuzin (194 th place in the ranking of Forbes «Wealthy businessman Russia “$ 0.45 billion), the company is experiencing serious debt problems. As of May, the net debt of “Mechel” was $ 8.6 billion, 69% of them came from Russian banks. Gazprombank “Mechel” owes $ 2.3 billion, VTB – $ 1.8 billion, the Savings Bank – $ 1.3 billion. In 2014, the company has to repay $ 2 billion in 2015 – $ 2.46 billion, in 2016 th – $ 2.527 billion in 2017 – $ 1.504 billion in 2018 – $ 803 million. Zuzin remains the head of the board of directors, however, to comment further representative of the company refused.
«Changes in the rule was clearly related to the possible bankruptcy and restructuring the company’s debts. However, the real reason for this decision will be clear only after it becomes clear who will be in the new board. Maybe there will include representatives of the creditor banks, “- said” Gazeta.ru “RMG Securities analyst Andrew Tretelnikov.
The first problem, the company began in 2008, when criticism from Prime Minister Vladimir Putin led to a drop in the company’s capitalization on the New York Stock Exchange at 37.6%. Putin then chided the company in the sale of raw materials abroad at prices two times lower than domestic. The company has also been fined by the Federal Antimonopoly Service in the amount of 790 million rubles. Subsequently, the company’s problems grew, she came to the verge of bankruptcy. Experts explained the problem risky financial policies.
A few times the company’s shares fell per trading day by 40%. November 14, 2013 paper “Mechel” on the MICEX slumped 41.35%, 28 February 2014 – 40%, from 50.2 rubles. per share to 31.7 rubles. The company said then that they would ask the Bank of Russia to investigate such a significant drop in prices.
From the statements of “Mechel” RAS results imply that in 2013 net loss of USD 27 8 billion rubles. against net profit of 19.18 billion rubles. a year earlier. In particular, the sales profit fell nine times – from 24.47 billion to 2.63 billion rubles.
In March 2014, President Putin instructed the government to develop a scheme for financial support of “Mechel”. Later, the government has agreed to support two schemes metallurgical group, which exclude bankruptcy, but suggest the loss of control of the company by the chairman and principal owner Zyuzin. “Either the creditor banks will be included in the authorized capital of the company, or VEB will participate in its salvation. If the parties fail to agree, the company is waiting for the bankruptcy, “- said the presidential aide Andrei Belousov. In this case, the official stressed that bankruptcy – an extreme measure because “it puts at risk large enough labor groups».
One of the options was the redemption of convertible bonds Vnesheconombank “Mechel” of 180 billion rubles. and the allocation of a bridge loan of 35 billion rubles. However, the head of VEB Vladimir Dmitriev said that the bank’s project is unprofitable and EBV is not going to participate in the rescue of the company. “Because 35 billion without the 180 billion rubles. incomprehensible, and the solution from 180 billion rubles. also a loss for us, “- he explained. Creditor banks also offered Zyuzin sell it stake in the company, with the proposed conversion of the debt into shares. Then share Ziuzina blurred be up to 5%, and 40% of the company would have received Gazprombank, which “Mechel” owes $ 2.3 billion, 31% – VTB (debt is $ 1.8 billion), 22% – Savings ($ 1, 3 billion). Familiar Ziuzina also told that the businessman himself offered to banks to convert the debt into shares or to buy his stake in the “Mechel” (67.4% of the vote) at the market price, which already takes into account all the risks of the company.
However, as reported by “Vedomosti”, Zyuzin rejected suggestions creditor banks to restructure the company’s debt.
To cover the debt “Mechel” already sells foreign non-core assets, thereby generated $ 543 million, while their purchase spent $ 2.47 billion. The company is also trying to sell your Donetsk Steel Mill (DEMZ), once one of the largest enterprises in the Donbas and one of the most modern metallurgical enterprises of Ukraine . This would give the “Mechel”, as claimed by the company, $ 80 million, which would be enough to cover the debt only of this plant, which is already deeply unprofitable. But now, during the civil war, buyers will find particularly difficult.
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