Mechel to pay Sberbank $1.5m
The mining and metals company Mechel, along with its subsidiary, the Bratsk Ferroalloys, has been ordered  by the Irkutsk Region Commercial Court to pay $1.5m to Sberbank. As one of Mechel's largest creditors, Sberbank was not satisfied with Mechel's previous debt restructuring proposals published in mid-April, and so resorted to legal action.

Indebted Mechel ordered to pay Sberbank about $1.5mln

MOSCOW, September 28 (RAPSI) – The Irkutsk Region Commercial Court on Monday ordered the mining and metals company Mechel and its subsidiary, the Bratsk Ferroalloys, to pay Sberbank over 95 million rubles ($1.5 million), according to information posted on the court’s website.

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.