Russia’s Mechel: Debt restructuring talks with Sberbank constructive

MOSCOW, Sep 11 (PRIME) -- Russian debt-ridden metals and mining group Mechel’s debt restructuring talks with national top lender Sberbank are being held in a constructive way, the company said Friday citing CEO Oleg Korzhov.

“As of now, we have reached a major progress. Talks with two largest creditors, Gazprombank and VTB Bank, were finished by signing agreements. Talks with other creditors, including Sberbank, continue and are conducted in a constructive way. We can expect that we will complete the restructuring over the next few months and the company will move to the next, more stable stage of its development,” Korzhov said.

VTB Bank said earlier in September it agreed on restructuring of Mechel’s 70 billion ruble debt, while Gazprombank signed a deal to restructure the entire Mechel’s U.S. $1.4 billion and 33.7 billion ruble liabilities in August.

(68.4961 rubles – U.S. $1)

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