Court has accepted the withdrawal of VTB from a claim against Mechel for 1.9 bln roubles

​The Arbitration Court of Moscow has accepted the refusal of VTB on collection of 1.9 bln roubles from 3 affiliates of Mechel.

VTB asked to settle the debt by the loan agreement as of February 7th 2011. The respondents are “Coal company Yuzhny Kuzbass” OJSC and its guarantees – Yakutugol holding OJSC and Mechel-Mining Ltd.

The bank asked to prove invalid the notification of the deduction of monetary funds. The bank didn’t refuse this part however Yuzhny Kuzbass acknowledged the claim in this part.

In September VTB and Mechel announced of reaching the agreement on the debt restructuring for 70 bln roubles. The loan agreements presuppose the delay in the settlement until April 2017 with urther monthly settlement until April 2020. The borrowers are Mechel and its affiliates – Yuzhn Kuzbass, Yakutugol and ChMK. The agreement with VTB presupposes the termination of court proceedings.

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