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Report: Gazprombank to buy debt owed to Sberbank

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Report: Gazprombank to buy debt owed to Sberbank

agreed to buy a$476 million debt that mining company Mechel OAO owes PAO Sberbank of Russia in exchange for a 49% holding inMechel's Elga coking coal deposit development project, RBK Daily said April 13, citing market sources.

Mechelwas reportedly supposed to clear the debt — which is only a part of the $1.3 billionit owes Sberbank — by the end of the first quarter.