Russia's Mechel completes $1 billion loan restructuring
Reuters
Published Jan 22, 2019 12:36
Russia's Mechel completes $1 billion loan restructuring
MOSCOW (Reuters) - Russian steel and coal producer Mechel (MM:MTLR) has completed the restructuring of its $1 billion syndicated pre-export loan, it said on Tuesday.
Mechel, at one point on the brink of bankruptcy, has been in restructuring talks with its lenders for several years.
The company said the restructuring had been made possible by a credit line in euros from VTB Bank, maturing in April 2022.
"Refinancing the syndicated loan enabled us to reduce the share of the group's unrestructured debt from 22 percent to 8 percent," Mechel finance chief Nelli Galeyeva said in a statement.
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Written By: Reuters
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