Mining and metallurgical company Mechel, forced once again to negotiate with creditors on restructuring $ 6 billion of debt, has not transferred money in time Gazprombank to repurchase part of the shares in its largest project - Elga coal complex, said Tuesday Gazprombank.
"Mechel refused the exercise of the option, as did the alternative proposal, the study of which requires additional time and consultations with all parties, including the largest creditors of the company, as such a decision cannot be made in isolation from the restructuring of current debt," - explained the Director of Department for public relations of the company Catherine Wiedemann.
"Mechel" expects that the proposed solution will be supported by lenders, she added.
the date of the offer, in terms of which "Mechel" was the right to priority redemption of shares expired on January 20. The value of the stake was estimated at 32.2 billion. Now the Bank has the right to sell its existing package to 49%. The main contender for him is "A-property" company founders Yota albert Avdalyan and Sergey Adoniev. They form in Yakutia industrial cluster, which includes the Yakutsk fuel and energy company, the Ogodzha coal project, in which "A property" of minority shareholders, and the port of Faith.
Mechel and Gazprombank, 2017 was looking for an investor in Elga for the further development of the project. The Elga coal Deposit - the largest in Russia and one of the world's largest deposits of coking coal, it is located in South Yakutia. Its reserves total some 2.2 billion tonnes according to JORC standards. Mining at the Elga section began in 2011.
Today, Mechel is negotiating with banks about restructuring debt. In the first quarter expires grace period for repayment of the debt. Mechel offered to state banks to move these payments with 2020-2022 on 2024-2026 years. At the end of the third quarter net debt "Mechel" without fines, penalties and options is 408 billion rubles, the net debt to EBITDA ratio of 6.9 x.
