VTB Bank recovers debts from Mechel’s traders

As the Kommersant has got to know, VTB has demanded that the foreign trading structures of Mechel repay 63 billion rubles of the company’s debts, for which they acted as guarantors. If traders, on which a quarter of Mechel’s revenue fall, don’t return the money in January, the bank will initiate their bankruptcy. Market participants believe that VTB Bank found a strong instrument of pressure to force the owner and head of the company’s Board of Directors Igor Zyuzin to convert a part of the Mechel’s debt into shares. As for Mechel itself, it hopes for an amicable agreement with VTB Bank.

As a source, familiar with the situation, told the Kommersant, on December 30th, 2014, VTB Bank sent a formal request for the settlement of debts and interests to the amount of 16 billion rubles on two loans to Singapore trading company Mechel Carbon (Singapore) Pte Ltd; the documents were submitted through a local law firm RODYK. And on January 7th, requirements for the same loans were sent to Swiss traders of Mechel - Mechel Trading AG and Mechel Carbon AG. The bank requires 47 billion rubles from Mechel Trading AG, and 16 billion rubles from Mechel Carbon AG. The Bank operates through the Swiss government agency for debts collection Betreibungsamt Baar, the Kommersant’s source says.