Central Bank to give 180 billion rubles to save Mechel
Edited by Rhod Mackenzie / 2014-06-25 09:45:39
The Bank of Russia will take a pledge on VEB’s bonds, issued to refinance the loans of Igor Zyuzin.
The end creditor of Mechel may become the Central Bank. As part of the bailout plan a scheme is discussed, in which the company’s creditor banks - Gazprombank, Sberbank and VTB – will buy the VEB’s bonds for 180 billion rubles and will pledge them in the Central Bank, two federal officials and a source close to Mechel told the RBK.
Thus, commercial banks will credit Mechel, which, in turn, will issue convertible bonds for the same 180 billion rubles in favor of VEB, the Minister of Economic Development, Alexei Ulyukayev said last week.
