Debt “Mechel” by 10 December dropped to $6,178 billion


Moscow. December 16. The debt of “Mechel” as of 10 December of the current year is $6,178 billion, according to the presentation of the company.

Earlier on Wednesday, Mechel reported financial results for the third quarter, which said that the company’s net debt at the end of September was at $6,454 billion Thus more than a month the debt of the company decreased by 4.3%.

According to the materials of “Mechel”, the structure of debt has changed slightly: 68% of the state banks of the Russian Federation (previously 66%), 24% by foreign (instead of 23%), 7% came from other sources of credit (against 5%). The currency structure of the debt of “Mechel” began to look a little different in comparison with the previous data. So, 58% are USD loans (formerly 59%), 36% (35%) – ruble, 6% loans in Euro (unchanged).

Mechel is trying to negotiate the restructuring of its debt to the largest creditors since the beginning of 2014. To date, the company entered into a restructuring agreement with VTB and Gazprombank. With the third lender – Sberbank Mechel is still in the negotiation process.

Last week it became known that shareholders of “Mechel” at extraordinary meeting on 4 March 2016 are to approve an interested party transaction, concluded with three major Russian lenders and a syndicate of banks. Also the shareholders will elect a new Board of Directors.

In turn, Sberbank announced that the parties are in the process of discussion, but “the final agreement has not yet been achieved”.