Mechel shares surge 8.5% amid approval of debt restructuring plan by minority shareholders
May 31, 2016 TASS
Mechel ordinary shares surged by 8.5% at the opening of Tuesday trade on the Moscow Exchange to 68.05 rubles following the approval of the company’s debt restructuring plan by minority shareholders.
On Monday the extraordinary meeting of Mechel shareholders approved the restructuring plan of the principal debt of $5.1 bln to Gazprombank, Sberbank, VTB and a syndicate of foreign banks.
Chairman of Mechel Board of Directors Igor Zyuzin and his family control 55.04% of the company.
The company’s total debt equals $6.2 bln, including $5.1 bln or 80% of the total debt to main lenders - Sberbank, Gazprombank, and VTB, and a syndicate of foreign banks.
Mechel unites producers of coal, iron ore concentrate, steel, rolled products, ferroalloys, production high conversion, thermal and electrical energy. The company employs about 67,000 people. -
Issue — Mechel, 17
Country of riskRussia
Redemption (put/call option)
М/S&P/F— / — / —
Company — Mechel
Full nameMechel PAO