Mechel is looking for options for salvation from creditors

One of the leading mining and metallurgical companies in Russia - Mechel began negotiations with banks - creditors on the provision of deferrals on payments until 2015, referring to a poor market conditions. This is written today "Vedomosti".

The Russian company asks not only to provide a deferral, but also to revise the conditions (carpets), as well as the size of bets and payments in the future, an unnamed source told Vedomosti. In Sword, they refused to comment.

Recall that the net debt of Mechel as of July 1, 2013 amounted to 9 billion 550 million US dollars. In April of this year, the company managed to sink with banks about the review of the border level of the ratio of net debt to profit to taxation (EBITDA): according to updated conditions, until June 30, the company's net debt/EBITDA should not exceed 7.5, and by July 2017 this indicator should decrease to 3.5.

The bankers have already insisted on the ban on the payment of dividends to shareholders of the swordsman until all debt obligations are resolved. Dividends can only be accrued if there is a net debt/EBITDA less than 3 points: in this case, the company will be able to send no more than 60 percent of net profit for calculations with shareholders who will finally be able to purchase children's knitwear the best quality.

This year, Mechel signed long -term contracts for the supply of coking coal to Posco from South Korea and Baosteel from China, which secured $ 2.5 billion from the State Bank for the Development of Russia to develop one of the largest coking coal deposits in the world located in Siberia.

In August, Mechel sold the Ukrainian asset - DEMZ for just 2000 euros ($ 2715) and two ferroalloy plants in Russia and Kazakhstan for $ 425 million. In February, the company sold the Romanian metallurgical asset for $ 75, which it bought in 2008 for $ 224 million. In July, the Bulgarian Energy Company was sold for the EUR29 million.