Ukraine: Metinvest drops coke output in Q1 2015
In the first quarter of 2015 Metinvest produced 0.87 million tons of coke, down by 40%, or by 598 thousand tons, YoY, and down by 2% QoQ.
In the first quarter of 2015 Metinvest produced 0.87 million tons of coke, down by 40%, or by 598 thousand tons, YoY, and down by 2% QoQ.
The largest mining and metal holding of Ukraine Metinvest initiates amendments to the conditions of its outstanding 2015, 2017 and 2018 notes totally worth $1.153 billion due to the events in Ukraine.
Banks and bondholders are at loggerheads over Metinvest‘s debt restructuring, with talks becoming increasingly tense as lenders fight to have loan debt recognized as senior to Eurobonds, lenders involved in the negotiations said.
The debt owed by the State Fiscal Service to Metinvest international vertically integrated mining and metal group for value added tax (VAT) refunds for exported products reached 3.5 billion UAH and exceeds the defaulted debts of the holding to foreign creditors, Metinvest CEO Yuriy Ryzhenkov said.
Ukraine’s largest mining and metallurgical holding Metinvest has decided not to distribute the 2014 net profit of Northern Mining and Processing Works (SevGOK), Central Mining and Processing Works (CGOK), Ingulets Mining and Processing Works (InGOK, all based in Kryviy Rih, Dniepropetrovsk region) and Khartsyzsk Pipe Works (Donetsk region).
International vertically integrated mining and steel group Metinvest, owned by Ukrainian billionaire Rinat Akhmetov, has defaulted on its debt obligations, and the company is now in talks with its creditors, according to a company press release.
Ukraine’s mining and metal company Metinvest is holding consultations with lawyers on the possibility of postponing return of debts, Bloomberg news agency has reported, referring to its sources.
Metinvest Group’s metallurgical mills began to manufacture 19 products last year, bringing the total to 97 new items in 2010 to 2014. Revenue from the new products in the last four years amounted to $38.7 million.