Gazprombank, Mechel seek amicable agreement in $244.2 mln case
MOSCOW, Sep 22 (PRIME) -- Gazprombank, metals company Mechel and its subsidiary Chelyabinsk Metallurgical Plant have asked the Ninth Arbitration Court of Appeal to approve a settlement agreement on the bank's U.S. $244.2 million claim against the two companies, according to the register of arbitration cases seen by PRIME on Friday.
The court earlier scheduled for September 25 the consideration of the appeals of Mechel and Chelyabinsk Metallurgical Plant against the decision of the Moscow Arbitration Court, which in July fully satisfied the claim of Gazprombank.
Gazprombank provided 30 tranches of financing totaling $182 million to French bank BNP Paribas in 2010–2013 so that the French bank provided loans to Chelyabinsk Metallurgical Plant.
The plant was to redeem the loan to Gazprombank through BNP Paribas in 2013–2019, but failed to do so. The principal debt now amounts to $155 million, and the total debt exceeds $244 million. Mechel acted as a guarantor of the borrower.
Gazprombank based its suit on one of the anti-sanction decrees of President Vladimir Putin that allowed Russian creditor banks to demand direct redemption from debtors bypassing a foreign financial agent.