“Mechel” makes bailout plan

Mechel has announced about reaching an agreement on an alternative variant of its debt restructuring with Gazprombank. A similar offer was been made to VTB and Sberbank. But it did not work. VTB wants advanced repayment of 47 billion roubles.

Mechel and Gazprombank have agreed an alternative variant of debt restructuring. A similar offer was made to VTB and Sberbank, the CFO of Mechel A.Slivchenko stated yesterday. “It is too early to speak about the terms, but we hope to reach an agreement,” he added. They confirmed the information on the receipt of the proposal in the banks. But they stated in Sberbank and VTB it was too early to say it was a breakthrough. One of the sources in Kommersant, close to the creditors stated that “the proposal contained definite steps towards the creditors”. But another source states “there are little changes in the proposal by Mechel.”