Gazprombank and Mechel agreed on debt restructuring – Kommersant
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Gazprombank entered into a settlement agreement with the mining and metallurgical company Mechel and the Chelyabinsk Metallurgical Plant on the restructuring of loan obligations. This was reported by the press service of Gazprombank.
As part of the agreement, enterprises must repay the debt within two years “on terms comfortable for the parties.”
The agreement also provides for the conversion of debt into rubles and forgiveness of part of the total debt. “This will allow Mechel to significantly reduce its debt burden and reduce outstanding loan obligations in its loan portfolio from 15% to 3%,” the report says.
We are talking about a loan agreement dated 2010, which was concluded between Mechel and the French bank BNP Paribas. The funds were allocated for the construction of a rail and beam mill at Chelyabinsk Metallurgical Plant. Gazprombank provided financing to the French bank.
The loan consisted of three tranches. From BNP Paribas (€102.8 million), Gazprombank ($219.4 million) and Unicredit (€89.2 million). The amount of the principal debt is 24.5 billion rubles. ($154.9 million and €154.7 million). Mechel had to repay the loan funds through BNP Paribas from 2013 to 2019.
In July, the Moscow Arbitration Court recovered 11.9 billion rubles from the Mechel group and its member ChMK at the suit of Gazprombank. This decision was appealed by the committee to the Ninth Arbitration Court of Appeal.
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