Group “Mechel” announced signing with Sberbank, the agreement on the restructuring of liabilities included in group of companies (“CMP”, “southern Kuzbass”, currently Trading AG, Yakutugol, Bratsk Ferroalloy plant, Korshunovsky GOK and “Izhstal”) for a total amount of 13 billion rubles and $427 million
In the message of “Mechel” emphasizes that the world and the credit agreements provide for a deferral of the repayment of the principal until April 2017 followed by a monthly repayment until April 2020, as well as the delay in the payment of part of the interest in the amount of up to 40% of accrued interest payments. Under certain conditions, the deferral period may be extended.
To complete the restructuring of Mechel should repay part of debt to Sberbank JSC and JSC “Sberbank Leasing” in the amount of 2.8 billion rubles. in addition, in the near future is expected the final settlement of the debt of “Mechel” for 17 billion rubles.
The court also approved settlements with the company Viamelion Consultants Limited (Cyprus), a member of the group with Bank GPB (JSC), which became the legal successor of PJSC Sberbank in a part of the obligations of PJSC “southern Kuzbass” in the amount of $423 million and 3.1 billion rubles.
Total and net debt of “Mechel” at the end of 2015 amounted to $6.1 billion to restructure the debt management company led with creditors in 2014. In February 2016, the restructuring plan was approved.