Mechel’s head, I. Zyuzin, has 2 weeks to make a decision

The Government and bank-creditors have given the head of Mechel, I. Zyuzin, 2 weeks to make a decision: either he converts the company’s debt into shares, or – its bankruptcy for the company.

On Monday at the meeting in Gorki the Prime Minister of Russia, D. Medvedev, and bank-creditors of Mechel gave its major shareholder, I. Zyuzin (67.42%), 2 weeks to accept the conditions of the banks on the conversion of its debt into the company’s shares, 3 people familiar with the results of the meeting told Vedomosti.

The first interlocutor of Vedomosti says that the atmosphere at the meeting was strained – the management of Mechel was explained that it needs to take the position of the creditors in a maximum of 2 weeks. What the position is, he didn’t say.