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Report: 70% of creditors support Mechel's US$1B debt restructuring

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Report: 70% of creditors support Mechel's US$1B debt restructuring

Mechel PAO gained the support of about 70% of creditors for a restructuring of the company's US$1 billion syndicated loan, Reuters reported Dec. 22, citing sources.

The group needs to secure 75% support to strike a deal.

The deal was discussed with the company's main lenders and a final proposal was released by Mechel on Dec. 18, one of the sources said.

In late November, Mechel said a number of international holders of its US$1 billion syndicated loan had sold their stakes and that it was in talks with new creditors covering a restructuring agreement.

Earlier, Russian banks Sberbank, VTB and Gazprombank confirmed a restructuring of US$5.1 billion of Mechel's more than US$6 billion debt.