PRESS: Russia’s ChelPipe seeks to restructure 82 bln rbl loan

MOSCOW, Oct 28 (PRIME) -- Russia’s Chelyabinsk Pipe-Rolling Plant (ChelPipe) has started talks with banks over restructuring an 82 billion ruble syndicated loan, which was taken out in 2012 for debt restructuring, Kommersant business daily reported Friday.

The company has to repay the loan by semiannual installments in the period from June 2015 till October 2019, but fears it will not be able to redeem the debt in 2019, sources close to creditors told the daily. Refinancing through bonds could be easier than as part of a syndicate, where approval of all creditors is necessary, and they have no common position yet.

On Thursday, the company said it approved an exchange bond program worth up to 50 billion rubles.

(63.0399 rubles – U.S. $1)

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