Steel and coking coal producer Mechel said Thursday that it is in talks with lenders to waive debt covenants after prices for its products declined last year.
"As a result of prevailing market conditions and a corresponding decline in market prices for its products, it expects to breach certain financial covenants in certain of its credit facilities for the year ended Dec. 31, 2011," Mechel said in a statement.
The company said it was confident that it would achieve a positive outcome in the talks with lenders.
(Reuters)
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
