UPDATE: Russia’s Sberbank, Mechel unit settle $445 mln, 3.3 bln rbl debts

(Adds details in last two paragraphs)

MOSCOW, Dec 21 (PRIME) -- The Moscow Arbitration Court on Monday authorized peaceful settlement of a U.S. $273 million and 1.7 billion ruble debt and a $172 million and 1.6 billion ruble debt of Southern Kuzbass Coal Company, unit of metals producer Mechel, to Russia’s Sberbank.

Sberbank raised the sum of penalty in change for the settlement of the $273 million and 1.7 billion ruble debt. The new claim amount was not disclosed.

The terms of the second agreement were not disclosed.

A representative of Sberbank said that the final agreement on Mechel’s debt restructuring has not been signed yet. “The amicable agreements are the first stage in a complex process of Mechel’s debt restructuring but completion of a range of more requirements is necessary for its completion.”

A Mechel representative said that other affiliates of the company can soon sign restructuring agreements with Sberbank as well.

(71.3215 rubles – U.S. $1)

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