Sberbank files lawsuits demanding $500m from Mechel subsidiary
Sberbank has filed two more lawsuits demanding $445m and $53m from the coal company, Yuzhny Kuzbass, a subsidiary of Mechel, thereby now suing Yuzhny Kuzbass for a total sum of $720m. Sberbank is one of Mechel's creditors, alongside VTB Bank and Gazprombank, however, unlike these banks, Sberbank has not approved of Mechel's debt restructuring plans, which we highlighted in April this year; as of September 1, Mechel's debts were about $6.313bn.

Sberbank demands $500 million from Mechel subsidiary

MOSCOW, October 26 (RAPSI) - Sberbank has filed two more lawsuits with the Moscow Commercial Court seeking to collect about $445 million and 3.3 billion rubles (over $53 million) from the coal company Yuzhny Kuzbass (South Kuzbass), a subsidiary of the mining and steel giant Mechel, according to court records.

Therefore, Sberbank is suing Yuzhny Kuzbass for more than $720 million and about 3.3 billion rubles in total.

On December 2, the court will consider two latest bank’s claims seeking to collect $300 million ($ 273 million and 1.7 billion rubles) and $200 million ($172 million and 1.6 billion rubles).

Earlier, the court also accepted for hearing two another lawsuits filed by the bank to recover $224 million and $51 million from the company.

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.