Mechel can sell a stake in Elgaugol to repay debt
Edited by Rhod Mackenzie / 2015-10-30 02:49:27
Mechel can sell 50-100% of the company Elgaugol to Gazprombank to partially repay the debt and accrued interests, which is $1.4 billion, to Sberbank.
The Vedomosti reports that it’s still unknown for how much of Elgaugol is planned to be sold and what part of the debt will be able to be repaid. In the case of the asset sale, Mechel will be able to get an option to buy it.
A representative of Sberbank, Maxim Poletaev said the bank was going to sue Mechel for the non-payment of the debt. He also said that, most likely, the bank would be able to come to an agreement with Mechel on the payments before the end of 2015.
