Mechel problem to be solved at governmental not presidential level

The president of the Russian Federation is not about to save “Mechel”, the federal mass-media writes. According to the Press attaché for the RF President it is not of presidential level, but a governmental one.”

As “Uralinformbyuro” stated earlier, the Cabinet of Ministers of the Russian Federation has developed 2 variants for saving “Mechel”. Both of them consider change of ownership. At present 67.42% shares of the holding belong to a company’s founder I.Zyuzin.

It became known on August 7th, 2014 I.Zyuzin rejected a proposal of the creditor banks on debt restructuring. The proposal of the banks to sell his share in the holding for next to nothing was the reason for his rejection.

It worth nothing, the total debt of “Mechel” in April 2014 exceeded $8 billion. Its major creditors are Gazprombank, Sberbank and VTB.