«Mechel” has reached a preliminary agreement on debt restructuring with Gazprombank and VTB. This was announced by CEO Oleg Korzhov metallurgical holding, reports Tass.
«With Gazprombank we agreed at the management level and general conditions indicative schedule of debt restructuring. With VTB level working group “Mechel” and the bank agreed on common principles and approaches to debt restructuring, “- said Korzhov.
The top manager said that the holding company is also in talks with Sberbank, but to negotiate with the lender until failed. But the attraction of “Mechel” independent consultants in the face of Rothschild prepared “financial model for the period up to 2025 and various scenarios graphs debt restructuring” to Sberbank.
«Mechel” – one of the largest Russian metallurgical holdings, a major shareholder which is Zyuzin (businessman and his relatives own 67.4 percent stake in the company).
The company is experiencing difficulties with the repayment of loans, about 70 percent of which were issued three public financial institutions – Gazprombank, VTB and Sberbank. “Mechel” is trying to negotiate with banks on debt restructuring, but negotiations are complex and are accompanied by legal action for the recovery of various arrears on loans. Lenders insist on the conversion of debt into shares, but Zyuzin opposed to such a scheme. In the autumn of 2014 the officials spoke openly about the possible bankruptcy of “Mechel”, which employs about 70,000 people.
In its financial statements for 2014 “Mechel” reported that the devaluation led to a reduction of debt burden in dollar terms 23 percent to 8.76 billion dollars at the end of the 2013th to 6.77 billion at the end of last year. According to the company on April 20 in terms of holding debt in dollars amounted to $ 7 billion.
Mining and Metallurgical Holding is included in the list of strategic companies that will be able to count on the support of the state as part of anti-crisis measures.
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