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Instead of a decision to restructure the debt, VTB and Sberbank are suing Mechel
Shares of Mechel, after a rapid growth last week on the wave of the statement of the head of the Ministry of Industry and Trade of the Russian Federation Denis Manturov about possible anti-crisis support for the company, this week accelerated the decline on news of VTB's filing of a claim against the company, according to the Moscow Exchange.
Last week their growth was about 30%, the fall this week - about 10%.
On Monday, VTB, one of Mechel's largest creditors, filed a claim in the Moscow Arbitration Court for RUB 50,182 billion. Following him, Sberbank, the second major creditor of Mechel, said that so far it sees no choice but to go to court to collect the principal loan and overdue interest, although it hopes to find a compromise solution with the company's management, RIA Novosti reports from link to the press service of Sberbank.
As previously reported in EastRussia, the compromise option of debt restructuring agreed with Gazprombank was sent to VTB and Sberbank for consideration in 2014 in early December. However, information about a positive decision has not yet appeared.
Mechel, which unites more than 20 industrial enterprises, is now in a difficult financial situation due to billions in debt on loans. According to the company, as of January 15, 2015, Mechel's debt was $ 6,44 billion.
And although the enterprises of Mechel - Yakutugol and Yuzhny Kuzbass - in January this year fully paid off the interest debt in the amount of 1,13 billion rubles. on loans for 16 billion rubles. to VTB Bank, interest payments to VTB on a RUB 44 billion loan are currently outstanding. This loan has a floating rate, which has doubled in just one quarter and is now 2% (about 34,94 billion rubles), while in the first quarter of 4 the rate on this loan was at the level of 2014% (about 14 billion rubles).
The press service of Mechel reported that the company is negotiating with all banks on debt restructuring and hopes to resolve the situation by concluding relevant agreements.