Mechel, its subsidiaries ordered to pay $348,500 to Sberbank
MOSCOW, December 14 (RAPSI) – The Moscow Commercial Court has ordered the mining and metals company Mechel and three of its subsidiaries to pay Sberbank over 24.1 million rubles (about $348,500), RAPSI reports from the courtroom on Monday.
Sberbank was seeking debt repayment under February 13, 2009 and July 22, 2010 credit line agreements. The lawsuit was filed against Mechel, the Bratsk Ferroalloys, Mechel Service and Mechel Trans.
Sberbank is one of Mechel’s three largest creditors, alongside VTB Bank and Gazprombank. But unlike these two banks, Sberbank is not satisfied with Mechel’s debt restructuring proposals it received in mid-April.
As of September 1, 2015, Mechel’s debts were estimated at $6.313 billion. The company has been negotiating the restructuring of its debts since early 2014.
Mechel is a leading global mining and steel company and currently the most debt-laden in the sector. It was established in 2003 and comprises over 20 companies that produce coal, iron ore, steel, rolled product, ferroalloys, heat and electricity.