More than half of creditors that issued a $1 billion syndicated loan to Russian metals and mining group Mechel supported its restructuring conditions, Mechel CEO Oleg Korzhov said in a conference call on November 28.
Some of the banks have sold their shares in the loan.
“Currently, we continue negotiations with the banks that have bought relevant shares in the syndicated loan, and more than half of the creditors support restructuring conditions that we’ve offered,” he said.
Mechel is yet to refinance a total of $1.5 billion of debt, including about $500 million of pre-export facilities and a $1 billion debt to a syndicate of foreign banks. (Prime/Ukrainian metal)