Mechel announces that Glass Lewis and ISS, independent proxy advisory firms, have recommended Mechel shareholders to vote to approve the deals with creditors at the company’s extraordinary general meeting scheduled for May 26.
Glass Lewis and ISS recommended that Mechel shareholders approve of the transactions on providing and changing suretyships and pledges provided by the company to the following lenders: Sberbank, Gazprombank, VTB Bank and the syndicate of banks, noting that approval of the transactions is essential for the success of Mechel’s debt restructuring and stressing that their terms have been reviewed and unanimously approved of by a special committee of independent directors and an independent appraiser.
ISS and Glass Lewis are the leading independent international proxy advisory firms, and their voting analyses and recommendations are relied upon by thousands of major institutional investment firms, mutual funds and fiduciaries throughout the world.
Mechel’s board earlier addressed minority shareholders, calling on them to support the proposed debt restructuring plan, based on an independent consultant’s fairness opinion. (Mechel/Ukrainian metal)