Support The Moscow Times!

Debt-Stricken Mechel Granted Waiver on $1Bln Loan Terms

Debt-laden Russian miner Mechel has been granted a waiver on the terms of a $1 billion syndicated loan until the end of 2014, bringing relief in talks with its creditors that have unsettled investors.
The coal-to-steel group, with debts of $9.6 billion, has been seeking a waiver of loan terms and delays to repayments. Signs of a hitch in negotiations pushed the firm's share price down more than 40 percent on Nov. 13.
"We are witnessing significant progress in negotiations with our international creditors on the finalization of our debt optimization discussions," chief financial officer Stanislav Ploschenko said in a statement.

The deal was agreed with a syndicate of international banks, including ING, Societe Generale, UniCredit , Commerzbank, Raiffeisen, Caterpillar Financial Services, ICBC and Russian state-bank VTB.

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

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 you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more