Assets of Metinvest dropped in value 10 times in the last 8 years

​Metinvest of R. Akhmetov assesses the net value of its assets in case of their urgent sale at least at $2.5 bln, is said in the letter to the euro bond holders.

Metinvest says that this amount is necessary for the settlement if its main debt by euro bonds taking into account the order of the debt if the group turns out to be unable to pay during the negotiations with creditors on the restructuring of debts and the bankruptcy procedure will be initiated.

Metinvest thinks that in the current conditions, even if the sale process is organized in a proper way, the net sale value of the assets will be much lower than $2.5 bln.

In September 2007 when the process of merging of Metinvest with the mining and metallurgical assets of Smart-Holding started, experts assessed the value of the united company at $20-25 bln. Since then MMK n.a. Ilyich and a number of other industrial enterprises joined the group.

According to the group, as of Jan 6th 2016, the amount of monetary funds and their equivalents on the balance made up $140 mln while as of October 30th 2015 - $150 mln.