“Mechel” at extraordinary meeting of shareholders on Friday failed to obtain the approval of minority shareholders on a debt restructuring. The company may hold a repeated meeting of shareholders and to receive the approval shortly.
MOSCOW, 9 Mar. Mechel and Sberbank will be able to complete the transaction as part of the restructuring of company’s debt towards the Bank within the agreed period, reported the press service of the largest Russian Bank.
“The deal under the debt restructuring the group of companies “Mechel” in front of PJSC “Sberbank” require corporate approvals by the shareholders of the group companies, including JSC “Mechel” as the main guarantor and the mortgagor”, — said the press service.
“According to the law, the company has the ability to hold repeated meeting of shareholders and to receive the approval soon, we can complete the transaction within the agreed period”, — stressed in the savings Bank.
“Mechel” at extraordinary meeting of shareholders on Friday failed to obtain the approval of minority shareholders on a debt restructuring was not recruited the necessary quorum. Rerun of a vote of shareholders of “Mechel” on the issue of debt restructuring could take place in may, said the company’s General Director Oleg Korzhov.
Sberbank has suspended all legal and judicial proceedings in relation to “Mechel”, but will resume them in the event of default “a Mechel” the conditions necessary for debt settlement, announced in February, the head of Sberbank German Gref.
