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.

Sign up for our free weekly newsletter

Our weekly newsletter contains a hand-picked selection of news, features, analysiss and more from The Moscow Times. You will receive it in your mailbox every Friday. Never miss the latest news from Russia. Preview
Subscribers agree to the Privacy Policy

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.

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

Read more