Two large Ukrainian steel plants located in the port city of Mariupol resumed normal output after natural gas supplies had been restored following a cut-off last week, said the plants owner Metinvest.
Metinvest B.V. (the Netherlands), the parent company of the mining and metallurgical monopoly of Rinat Akhmetov Metinvest, in January-March reduced its sales in Russia by 57% YoY, to $69 million from $ 61 million.
Metinvest missed repayment of outstanding principal on its $114 million 10.25% notes, maturing on May 20, 2015. The company has issued no statement yet as to the ongoing consultations with its creditors. The non-payment is tantamount to default as the 2015 notes foresee no remedy period. The nonpayment also triggers cross-default, which is supposed by…
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).