Mechel unlikely to succeed in solving of its debt problems without the state

The sources of Kommersant claim that Mechel has announced to the Government that the company can face a technical default this year. Before the end of 2014, Mechel should pay off $1 billion of credits, but it’s able to pay off only half of this amount. They are discussing the schemes of the restructuring of Mechel debts under the state guarantee, or their paying off using new loans from state banks.

The Government will search for the ways of solving of the problem with Mechel’s debts, the Minister of Finance A. Siluanov says. He sytated that after the session devoted to the problems of the over-credited metallurgic company on March 13th. The participants were the representatives of the Ministry of the Economy, Mechel and several banks, the creditors of the company. A participant of the session claimed that Mechel’s representatives asked the help from the Government due to the threat of technical default the company can face this year. The situation is really rather desperate despite a partial restructuring of the debt, three sources of Kommersant close to Mechel’s creditors claim.