Blocking shareholding in Mechel Mining pledged to Sberbank
Edited by Rhod Mackenzie / 2014-03-12 12:34:41
On March 5th, Mechel’s shareholders agreedd at the extraordinary meeting the transfer of the blocking shareholding in Mechel Mining JSC as a pledge to Sberbank of Russia JSC. In December 2013, they refinanced a part of the debt to Sberbank at a rate of 25.5 billion rubles that enabled to postpone paying off of the debt of Mechel Group to the bank until Q1 2015. One of the terms of the closed agreements was transferring as a pledge by Mechel to Sberbank of a shareholding of Mechel Mining equal stocks at a rate of 25% + 1 stock as the additional provision for some credit liabilities of the Group to Sberbank.
