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Banks-creditors gave the owner of "Mechel" Igor Zyuzin for a decision of two weeks

The government and the creditor banks gave Mechel owner Igor Zyuzin two weeks to decide whether he would convert the company's debt into shares, or - the newspaper Vedomosti reported bankruptcy today.

On Monday, at a meeting in Gorki, Russian Prime Minister Dmitry Medvedev and the banks - creditors of Mechel gave its main shareholder Igor Zyuzin (67,42%) two weeks to accept the banks' terms on converting the debt into the company's shares, Vedomosti was told three people familiar with the outcome of the meeting.

An interlocutor of Vedomosti says that the government and banks have delivered an ultimatum to Zyuzin: either he agrees to convert the debt into shares, or the government will not interfere in the activities of creditors. (Sberbank and VTB filed 14 lawsuits to recover 6,2 billion rubles from Mechel.) "If Zyuzin accepts the banks' position, they will agree to give the shareholder the right to repurchase Mechel's shares after the situation normalizes," he says.

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