Moscow Credit Bank postpones Mechel’s $105 mln payment to Feb 16

MOSCOW, Jan 15 (PRIME) -- Mechel-Service, Russian metals and mining giant Mechel’s unit, has signed an agreement with Moscow Credit Bank to postpone Mechel’s U.S. $105 million credit line repayment by February 2016, the company said in a statement.

“Mechel Group’s unit Mechel-Service has signed an agreement with Moscow Credit Bank to prolong the current $105 million credit lines to February 2016. The collateral and interest rate remain unchanged,” it said.

Mechel’s net debt stands at $7.3 billion. The company has been in restructuring talks with its main creditors – Sberbank, Gazprombank and VTB Bank, which account for about $5.1 billion of the total debt – for several months, but has not yet reached any agreement.

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