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Debt restructuring of Mechel OAO: pending response from Sberbank and VTB
The leading Russian mining and metallurgical company Mechel OJSC is actively working towards debt restructuring. Although the company's net debt, according to the results of 9 months of 2014, decreased by 9%, it still stands at $ 7,84 billion.
Yesterday Mechel agreed with Gazprombank on a compromise version of debt restructuring, which it then sent to Sberbank and VTB for further discussion.
According to Andriy Slivchenko, financial director of the company, so far we are not talking about a final decision or any specific dates. However, an agreement on debt restructuring must be reached with all banks. In particular, negotiations are underway with the Bank of China and the Moscow Credit Bank. Agreements have already been reached with Uralsib Bank, and the lease debt with VTB Leasing has been restructured. It should be reminded that the three main creditors of Mechel are Gazprombank, Sberbank and VTB.
According to the press service of Sberbank, he received a new offer from Mechel and is currently in the process of studying it. At the same time, it is too early to talk about a breakthrough in the negotiations - they say in the press service of the largest Russian bank.
However, as evidenced by the data of the Moscow Exchange, despite the rather restrained response of Sberbank, Mechel's shares today increased by 11,4% on expectations of the company's debt restructuring.