MOSCOW, September 25. /TASS/. Gazprombank, Mechel and Chelyabinsk Metallurgical Plant (part of Mechel) have concluded a settlement and undertaking agreement on the bank’s claim as the parties agreed on restructuring of a $320 mln debt, Mechel said in a statement.
"Gazprombank acquired in full all rights from a foreign lender as stipulated in the 2010 loan agreement with Chelyabinsk Metallurgical Plant, which was granted, inter alia, under guarantees from foreign export credit agencies. The terms of the agreements include partial forgiveness of the total debt, conversion of the new debt’s entire amount into rubles, and repayment of the debt within two years," the statement reads.
The bank adopted a constructive approach, which enabled the company to restructure the debt not only regarding the tranche provided by Gazprombank, but in full for all three tranches, Mechel said. "Thus, the size of Mechel Group's unsettled loan obligations decreased from 15% to 3% of the Group's loan portfolio," the company said, adding that it does not have any unsettled liabilities on loans granted by Russian financial organizations.
On July 17, the Moscow Arbitration Court ordered Mechel and Chelyabinsk Metallurgical Plant to repay $244.2 mln to Gazprombank.