Russia’s Sberbank says no final agreements reached with Mechel

MOSCOW, Dec 10 (PRIME) -- Final agreements between Russia’s biggest lender Sberbank and troubled metals and mining company Mechel have not been reached and talks are continuing, a representative of the bank told PRIME on Thursday.

“We are in the process of discussion, but final agreements have not been reached yet,” he said.

Mechel said earlier on Thursday that its board of directors had approved deals with VTB Bank, Sberbank, Gazprombank and a syndicate of banks and that its shareholders would consider them at an extraordinary general meeting on March 4, 2016. However, the company decided not to disclose details of the deals.

Sberbank is among Mechel’s three largest creditors. The company earlier reached debt restructuring agreements with Gazprombank and VTB Bank.

As of late June, Mechel owed around U.S. $2.3 billion to Gazprombank, $1.8 billion to VTB Bank, and $1.3 billion to Sberbank. As of September 1, Mechel’s total debt stood at $6.313 billion.

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