UPDATE: Russia’s Mechel owners fail to nod debt restructuring deals

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MOSCOW, Mar 4 (PRIME) -- The minority shareholders of Russian debt-ridden metals and mining company Mechel failed to approve debt restructuring deals at an extraordinary general meeting on Friday due to a lack of quorum.

Foreign holders of the company’s American Depository Receipts (ADRs) faced technical difficulties connected with providing additional data for the vote, CEO Oleg Korzhov said.

The company may hold another shareholder meeting to vote on the issue in May, he said.

Mechel’s shares contracted 22% on the Moscow Exchange on the news.

In February, Igor Zyuzin, chairman of Mechel’s board of directors, said the company had reached debt restructuring deals with all largest creditors. The total volume of debt that will be restructured will amount to U.S. $5.132 billion, or 80% of the company’s total debt.

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