Mining and Metallurgical Company will again and again to convene the shareholders for approval of the debt restructuring
«The last two years have been for the” Mechel “is very difficult. As you all know, we have been the most difficult negotiations on the restructuring of “Mechel” group debt, and their outcome, without exaggeration, the survival of the company. On a personal note, I ask you … March 4, 2016 to vote for submitted for approval of the restructuring conditions. Now the financial stability and growth of shareholder value in your hands. The vote of each shareholder is important “, – wrote the main owner of” Mechel “Igor Zyuzin in his letter to minority shareholders in early February
Today, the minority shareholders have not lived up to expectations.. At an extraordinary general meeting of shareholders of the mining company failed to muster a quorum for approval of the plan of restructuring of debts to VTB, Gazprombank and Sberbank.
The plan involves the transfer of shares as collateral to creditors of several key assets. Zyuzin could not vote in favor of the transaction, so their fate was in the hands of minority shareholders.
The correspondent of “Vedomosti” passed from the Petrovsky Stopover Palace, which hosts a meeting of that event were the owners 269 million votes (64% of voting shares), therefore, according to the registrar’s representative, held a quorum. “This activity of the minority shareholders, we have never seen,” – said General Director of “Mechel” Oleg Korzhov. But it later emerged that the decision to restructure the debt of a quorum is still not there. After this news shares of “Mechel” on the Moscow Stock Exchange fell to 53.81 rubles per share (-22% compared to the closing of 3 March). An hour before that company’s securities traded at 69.95 rubles.
As has found out of Forbes, among which were the owners of 269 million votes was himself Zyuzin, who could vote on the other items on the agenda, for example, at the option of the new board of directors. But for the approval of transactions with collateral is not enough, according to “Vedomosti”, about 10 million votes of minority shareholders. Russian shareholders very seriously come to the question: about 85% of Russian shareholders took part in the vote – an unprecedented level of support, given that the registry a little institutional holders, said a representative of “Mechel»
<. span> The problem, he said, originated with the holders of ADR «Mechel”, the share of which two thirds of the number of minority shareholders.
according to the new regulations of the Central Bank, the foreign shareholder in voting shall specify the number of data about themselves, including a registration number and date of registration. These requirements for the international practices are unusual. Many companies do not know their registration number and date of foundation. In “Mechel” were aware of this problem and have created a special staff to prepare for the vote which called around 90% of all investors to support the company and to vote in favor of debt restructuring, as well as posted on the website for detailed instructions for owners of ADR.
But the actual holders of ADR are informed by the depositary, it often goes through long chains of brokers on the same chain must return to the depositary filled owner ADR card for voting, says a representative of “Mechel”, so some owners ADR We did not have time to receive and return the information on voting in the allotted time. From the combination of these reasons, the company has not gained a quorum for the approval of transactions with creditor banks. This means that at the moment the company can not fulfill a number of restructuring the conditions for the provision of additional collateral and guarantees.
A person close to one of the “Mechel” of creditors, confirmed the Forbes data managers company to the holders of ADR issues.
He called the incident a quorum at a meeting of shareholders of “technical problem”, so a “nightmare” for that “Mechel” lenders do not intend to, as well as to expose the deadline for obtaining the approval of minority shareholders in the restructuring plan.
But without attention the issue of approval of this transaction will not leave creditors. Official comments creditor banks is unable to get
«The company will again and again to call a meeting of shareholders for approval of these transactions”, -. Forbes assured the representative of “Mechel”. Korzhov at the meeting noted that the company has an understanding of where to go: about two months he hopes to solve all organizational and technical issues with the holders of ADR.
In this way, a new extraordinary general meeting of shareholders of “Mechel” can be held in May.
At the end of 2015 “Mechel “I had to banks and bondholders $ 6.1 billion. The agreement on debt restructuring with the holders of bonds the company has signed in September 2015. It remained to negotiate with banks on debt restructuring of $ 5.1 billion, including $ 1.3 billion -. Sberbank loans $ 1.8 billion – Gazprombank, even at $ 1 billion – VTB Bank and a syndicate of international banks. International banks, Gazprombank and VTB agreed to the restructuring by the end of the summer of 2015, to be approved by the Savings Bank was only towards the end of the year.
the beginning of the repayment period was planned to be transferred to 2017, and loans for the most part – in 2020, the banks have promised to reduce the interest rate and cancel penalties and interest portion of payments to capitalize. In addition, “Mechel”, Gazprombank and Sberbank agreed that Gazprombank will buy a stake in a subsidiary of “Mechel” “Yakutugol”, leading the development of Elga coal mining complex. From the received for the sale of “Mechel” money package planned to pay part of the debt “Sberbank”, as part of the debt Sberbank planned to restructure.
For more information about how to Igor Zyuzin agreed with creditors on restructuring of “Mechel” debt read in the article of Forbes “Poker with bankers: Igor Zyuzin beat creditors” Mechel «»
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