Russia’s Sberbank, Mechel unit settle $669m, 3.3bn rbl debts

The Moscow Arbitration Court on Monday authorized peaceful settlement of a US $273m and 1.7bn ruble debt, of a $172m and 1.6bn ruble debt, and a $224m debt of Southern Kuzbass Coal Company, unit of metals producer Mechel, to Russia’s Sberbank. A Mechel representative said that other affiliates of the company will also soon be able to sign restructuring agreements with Sberbank. Sberbank is understood to have increased the penalty charged on the first of those debts.

Russia’s Sberbank, Mechel unit settle $669 mln, 3.3 bln rbl debts

MOSCOW, Dec 21 (PRIME) -- The Moscow Arbitration Court on Monday authorized peaceful settlement of a U.S. $273 million and 1.7 billion ruble debt, a $172 million and 1.6 billion ruble debt, and a $224 million debt of Southern Kuzbass Coal Company, unit of metals producer Mechel, to Russia’s Sberbank.

Sberbank raised the sum of penalty in change for the settlement of the $273 million and 1.7 billion ruble debt. The new claim amount was not disclosed.

A representative of Sberbank said that the final agreement on Mechel’s debt restructuring has not been signed yet. “The amicable agreements are the first stage in a complex process of Mechel’s debt restructuring but completion of a range of more requirements is necessary for its completion.”

A Mechel representative said that other affiliates of the company can soon sign restructuring agreements with Sberbank as well.

(71.3215 rubles – U.S. $1)

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