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Mechel Calls for Debt Claim Relief Extension

Coal News - Published on Thu, 02 Apr 2020

Image Source: Mechel Elga Coal Project
Reuters reported that Russian steel and coal producer Mechel has asked its creditors to extend a debt claim relief deal, signalling that lengthy restructuring talks were nearing an end. A company representative told Reuters “Mechel has approached the banks with an offer to extend the waivers until the implementation of its restructuring, and discussions about this restructuring are currently in their final stages.”

Gazprombank said it was ready to extend the waiver by one more month. Deputy Chairman Tigran Khachaturov said “We plan to give Mechel the chance to reach an agreement with all sides.”

VTB said it was considering a request from Mechel, which last year said that it would be unable to begin debt repayments in 2020 and entered a fresh round of talks with creditors.

Mechel confirmed in March that it was in talks to sell its Elga coal project, one of the world’s biggest coking coal deposits, as part of the latest round of talks. The company agreed this year with its main creditors, Gazprombank and VTB, that they would not demand any early repayments but these debt claim relief deals were due to expire on April 1 and March 31.

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Posted By : Yogender Pancholi on Thu, 02 Apr 2020
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