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Sberbank threatens to sue Mechel for non-payment of debt

According to the president of Sberbank, German Gref, the bank will file an action to Mechel for non-payment of the debt upon the expiration of the repayment period, if no restructuring options are offered, Vedomosti reports. “We are not just ready to file a lawsuit, we will do this, if options that are acceptable for restructuring are not offered, we will go to bankruptcy,” Gref specified.

Gref did not name the term of payments and their amount. At the same time, the formal payment term came at the end of March, including on the main body of the loan. As reported by EastRussia, earlier Mechel agreed with Gazprombank a compromise version of debt restructuring, which then sent Sberbank and VTB for further discussion. In Sberbank, they studied the proposal of Mechel on debt restructuring and considered it unacceptable.

Sberbank received a new offer from the Rothschild Group, but it still does not suit him. The fact is that Mechel proposes to convert the debt not into Mechel shares, but into shares and the shares of the companies controlled by it. This will not allow the bank to participate operationally in Mechel's operations. The offer to convert debt into shares of "daughters" has already sounded several times as a compromise option. But the banks refused it, because it does not give control over the company's operations.

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