Mechel coordinates new covenants with bankers
Edited by Rhod Mackenzie / 2013-11-19 10:39:14
The company promises that by the correlation of debt to EBITDA will exceed 10 the end of 2014, and will lowered to 6 by the end of 2015.
Vedomosti reports that Mechel is not only going to get agreement for the covenant holidays with the banks but is also going to set new covenants, by the ends of 2014 and 2015, and all creditors will look for them. A source close to Mechel says that the company promises that by the correlation of debt to EBITDA will exceed 10 the end of 2014, and will lower to 6 by the end of 2015. This information is confirmed by a staff of one of the banks, the creditors of Mechel.
