Exec: Russia’s Sberbank, Mechel initial debt restructuring deal

MOSCOW, Apr 5 (PRIME) -- Russia’s biggest bank Sberbank and debt-ridden metals and mining group Mechel have initialed their debt restructuring agreement and are now going through final coordination of the deal, Sberbank’s First Deputy CEO Maxim Poletayev told reporters Tuesday.

“We are very close to signing the deal, we have initialed the documents but have not signed them yet. The final coordination of the documents is going on,” he said.

“We are to close the deal with Gazprombank and a group of people representing Mechel’s interests in April.”

In February, Igor Zyuzin, chairman of Mechel’s board of directors, said the company had reached debt restructuring deals with all the largest creditors – Sberbank, VTB Bank and Gazprombank. The total volume of debt that will be restructured amounts to U.S. $5.132 billion, Mechel’s debt to Sberbank is estimated at $1.267 billion.

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