Sberbank and “Mechel” in court has completed two world dispute

Sberbank and “Mechel” in court has completed two world dispute

The savings Bank and Mechel signed a global agreement on actions to recover a total of approximately 445 million dollars and 3.3 billion rubles.

MOSCOW, 21 Dec. The Moscow arbitration court approved settlement agreements in two lawsuits of the savings Bank to the coal company “southern Kuzbass”, included in “Mechel” about collecting a total of approximately 445 million dollars and 3.3 billion rubles, the correspondent from a court hall.

The Tribunal discontinued the proceedings in these cases. The terms of the settlement agreements at the meeting were not announced. Prior to the adoption of agreements by court the claimant has specified claim requirements, increasing amounts of lawsuits due to the growing up of a forfeit. The specific amount of increase was not sounded.

The savings Bank in these claims, filed with the court on 6 October, demanded from the structures of “Mechel” to fully repay the obligations under two loan agreements. The representatives of the parties at a preliminary hearing on 2 December said in court that the signing of the settlement agreement.

Only 6 of October the savings Bank has submitted to “southern Kuzbass” four claims totaling about 720 million dollars and 3.3 billion rubles. The meeting on another suit will be held on Monday, fourth Tuesday. In both processes the parties declared intention to settle the dispute peacefully.

Sberbank is the third largest creditors of “Mechel”. With the other two — Gazprombank and VTB — metallurgical company have already agreed on debt restructuring.

Total debt of “Mechel”, one of the most overleveraged in the Russian metallurgical companies, according to the company, on December 10, was $ 6,178 billion. While 58% of total debt is denominated in dollars, 6% in Euro, 36% — in rubles.

The share of domestic banks in the total amount of debt the company accounts for 68%, foreign banks — 24%, other credit instruments — 7%.

“Mechel” — one of the world’s leading companies in the mining and metallurgical industries. It includes over 20 industrial enterprises — producers of coal, iron ore, steel, rolled products, ferroalloys, heat and electric energy. The company’s principal shareholder is the Chairman of the Board of Directors Igor Zyuzin.