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Russia’s Sberbank files lawsuit against heavily-indebted Mechel

Sberbank’s lawsuit against Mechel totals $38 millon

© EPA/FILIP SINGER

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Lawsuit against Mechel to be revoked if debt situation is settled — VTB CEO

MOSCOW, October 1. /TASS/.

Russia’s Sberbank has filed a lawsuit to the Moscow Arbitration Court against the heavily indebted metals giant Mechel and its four subsidiaries, according to court materials released on Wednesday.

The details of the lawsuit and Sberbank’s claims against Mechel were not disclosed. However, a source told TASS Sberbank’s lawsuit against Mechel totals $38 millon.

The defenders in the case are Mechel’s divisions that include Mechel-Trans, Mechel-Service, the Chelyabinsk Metallurgical Integrated Works and the Bratsk Ferroalloy Plant.

A Mechel spokesman said he didn’t know which claims were meant and that the company had not received Sberbank’s lawsuit.

Mechel’s debt has reached $8 billion. The Russian government, creditor banks, investment consultants and Mechel representatives are considering options to restructure the metal giant’s debts.

Mechel’s major creditors are Sberbank ($1.3 billion), Gazprombank ($2.3 billion) and VTB ($1.8 billion).

VTB earlier filed a lawsuit to recover 3 billion rubles ($75.9 million) in overdue debt from Mechel.

The Mechel group incorporates coalmining divisions and producers of iron ore, steel, rolled stock, ferroalloys, high value added items, and thermal and electric power. It employs a total staff of 70,000. Its main shareholder Igor Zyuzin owns a 67.42% stake. Earlier, Mechel said that Zyuzin’s companies registered in Cyprus had reduced the amount of the company’s pledged shares to 27.22% from 41.57%.

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