Sberbank, Mechel reach amicable agreement in $500 million claim
MOSCOW, December 21 (RAPSI) – The Moscow Commercial Court has approved an amicable agreement in two lawsuits filed by Sberbank seeking to collect about $445 million and 3.3 billion rubles (over $46 million) from the coal company Yuzhny Kuzbass (South Kuzbass), a subsidiary of the mining and steel giant Mechel, RAPSI reports from the courtroom.
In October, Sberbank filed four lawsuits seeking to recover over $720 million from Yuzhny Kuzbass. On Monday, the court has to consider another bank’s lawsuit to collect from the coal company $224 million. One more 51-million claim has been scheduled for December 22.The parties announced earlier that they could reach an agreement on these lawsuits as well.
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.