Sberbank considers out of court settlement with Mechel

Sberbank and Mechel are considering an out-of-court settlement over the bank's $224m suit against Mechel, say reports, with the signing of an amicable agreement in its final stages; the court has therefore delayed the hearing until 21st December.

Russia’s Sberbank, Mechel mull out-of-court deal on $224 mln suit

MOSCOW, Nov 30 (PRIME) -- Russia’s biggest bank Sberbank and metals and mining group Mechel told the Moscow Arbitration Court they are holding negotiations on an out-of-court agreement over the bank’s U.S. $224 million suit against the company, according to information obtained by PRIME in the court Monday.

“The signing of an amicable agreement is at its final stage,” a Sberbank representative said.

The bank and the company asked the court to delay the suit’s hearing to give them time to reach the deal.

The court delayed the hearing until December 21.

Sberbank filed the suit against Mechel’s affiliate Southern Kuzbass on October 6. The bank also filed three more suits against the company at the same date. Total amount of Sberbank’s debt claims stood at more than $720 million and about 3.3 billion rubles.

(66.2393 rubles – U.S. $1)

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