VEB to approve terms of Mechel debt restructuring by end of July

YEKATERINBURG, Jul 10 (PRIME) -- Russia’s state-owned Vnesheconombank (VEB) plans to approve restructuring of a U.S. $167 million metals and mining group Mechel’s debt until the end of this month, CEO Sergei Gorkov told reporters on Monday.

“We believe that it (restructuring) will be probably approved by the end of the month,” he said.

The company said earlier it had agreed on the principal terms of restructuring with VEB.

Mechel said in December 2016 that it had restructured liabilities with the three key creditors, VTB, Gazprombank and Sberbank, which account for 67% of total debt.

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