Mechel and Sberbank to complete debt restructuring on time

At the extraordinary meeting of shareholders on Friday the minority shareholders of Mechel didn’t approve the debt restructuring. The company might hold the secondary meeting of shareholders and get the approval in the near future.

Mechel and Sberbank might complete the deals in the framework of the company’s debt restructuring before the bank within the agreed time, the bank reported.

The deals in the framework of the debt restructuring of Mechel require the corporate approval from the part of shareholders, including that of Mechel.

Another voting of Mechel’s shareholders by the debt restructuring issue might be held in May, CEO O. Korzhov said.

Meanwhile Sberbank has terminated all legal and trial proceedings in respect of Mechel but will resume them in case of non-execution of conditions necessary to settle the debt by Mechel, head of Sberbank G. Gref said.