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Russia’s Sberbank files new lawsuits vs heavily-indebted Mechel

Sberbank filed lawsuits against the Korshunov Ore Dressing Plant, the Mechel Mining Management Company, Mechel Mining, the Southern Kuzbass Coal Company and the Bratsk Ferroalloy Plant

© ITAR-TASS/Maxim Shemetov

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Russia’s Sberbank files lawsuit against heavily-indebted Mechel

The details of the lawsuit were not disclosed while a source told TASS that Sberbank’s lawsuit against Mechel was worth 1.5 billion rubles ($38 million).

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.

The company’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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