Russian steel pipe manufacturer TMK plans to sell its entire 96 percent stake in the Chelyabinsk Metal Structures Plant (CHZMK) to a local company, Taimyr Engineering LLC, for 5.2 billion rubles ($64.35 million), local media reported. Accordingly, the process is aimed at improving the efficiency of the corporate structure and the financial stability of all TMK activities.
As part of the restructuring, TMK has implemented a set of measures aimed at protecting the rights and interests of CHZMK bondholders. The company stressed that all obligations under current bond issues will be maintained, ensuring uninterrupted payments and compliance with current conditions.
CHZMK manufactures metal structures for industrial and civil construction, metal structures and pipe products for the oil and gas industry.
