Sberbank has said it is ready to go on the bankruptcy of “Mechel” in early 2016

Moscow. December 25. Sberbank is ready to initiate the bankruptcy of “Mechel” in early 2016, if the agreement on restructuring of the company Igor Zyuzin will not be reached, said the head of Bank Herman Gref in the interview to “Russia 24”.

“Now we Gazprombank agreed on the conditions under which we can go for restructuring. If Gazprombank will reach these conditions with “Mechel”, then, in principle, we too will be ready to sign. But, I repeat, this company is very much helped by the devaluation, but, nevertheless, global problems are not solved. Let’s hope that we will agree, but we have to disband the reserves are not going to end, preserving capabilities. Agree, in the beginning of next year we will be ready to go through – bankruptcy, and so on. But I repeat that the implementation of our terms, we will be ready to go for restructuring,” – said Gref.

The head of the Bank noted that the Bank is not the largest creditor of “Mechel”. As of 9 December of this year the share of credits of the savings Bank accounts for $1.3 billion, Gazprombank, $1.8 billion, VTB – $1.1 billion

“Always, in any situation of bankruptcy, and the company “Mechel” virtually bankrupt, there is a key creditor, a point of view which is dominant. I didn’t see no need to save the owners of “Mechel”, because we are talking about saving the owners of “Mechel”. The company itself is healthy, and it can be effective if there will be a qualified management. But this is because it will be very painful for banks. From all banks only we have formed a 100% reserve, so I couldn’t be relatively free of bankruptcy and, say, salvation,” – summed Gref.

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.

As of 10 December, the total debt of “Mechel” is $6,178 billion, of which 66% came from the state banks. In September it decreased by 4.3%.