Russia’s Sberbank closes deal to cede Mechel’s 31.5 bln rbl debt

MOSCOW, Apr 15 (PRIME) -- Top Russian lender Sberbank closed a deal to cede 31.5 billion rubles of debts of metals and mining giant Mechel to Gazprombank on Thursday, Sberbank’s Vice President Maxim Degtyaryov told PRIME on Friday.

“Sberbank ceded part of Mechel’s debts of 31.5 billion rubles to Gazprombank; the deal was closed on April 14, 2016. Sberbank expects Mechel to repay debts in full in accordance with the approved terms of restructuring,” Degtyaryov said.

On April 5, Sberbank’s First Deputy CEO Maxim Poletayev said Mechel’s debt to Sberbank was estimated at U.S. $1.267 billion.

The Moscow Arbitration Court earlier ceded claims over debts of Mechel’s unit Southern Kuzbass exceeding $423 million and 3.1 billion rubles from Sberbank to Viamelion Consultants Limited belonging to people affiliated with Gazprombank.

(66.4954 rubles – U.S. $1)

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