Sberbank spox: Russia’s, Mechel can strike debt deal on time

MOSCOW, Mar 9 (PRIME) -- Russian metals producer Mechel may complete debt restructuring with Sberbank in the agreed timeframe, although the company’s minority shareholders did not approve the deals last week, a spokesman for Sberbank told PRIME on Wednesday.

“In accordance with the law, the company can hold another meeting of shareholders and receive approval soon to allow it to close the deals in the scheduled terms,” the official said.

In February, Igor Zyuzin, chairman of Mechel’s board of directors, said the company had reached debt restructuring deals with all the largest creditors – Sberbank, VTB Bank and Gazprombank. Sberbank said then that it had only suspended all legal procedures against Mechel but out-of-court negotiations continue.

The total volume of debt that will be restructured amounts to U.S. $5.132 billion, Mechel’s debt to Sberbank is estimated at $1.267 billion.

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