Mechel has addressed its main bank-creditors (VTB and Gazprombank) asking them to prolong the postponement to pay debts until the debt is restructured.
As of late 2019, the volume of loan debt exceeded 370 billion rubles.
Gazprombank has agreed to postpone the payment for a month, while VTB has not decided yet.
In 2017, Mechel concluded an agreement with the banks, according to which it had to start clearing its debt in 2020. But in July 2019, the company asked the creditors to shift the payment term to 2024-2026. The negotiations continue.
As of late 2019, Mechel owed 195 billion rubles to VTB and 140 billion – to Gazprombank. (Ukrainian metal)