Mechel asks the Russian government to return him to 18 billion rubles invested in the plant in the Donbass

«Mechel» asked for help with debt restructuring and return of investment in Donetsk plant

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Group of companies «Mechel» asked the Vice-Prime Minister Dmitry Kozak with the request to help with the restructuring of loans to state-owned banks and return half the money invested by the company in lost because of the conflict in the Donbass Donetsk electrometallurgical plant (DEMZ)

The press service of the Russian Government

Group of companies «Mechel» asked the Vice-Prime Minister Dmitry Kozak with the request to help with the restructuring of loans to state-owned banks and return half the money invested by the company in lost because of the conflict in the Donbass Donetsk electrometallurgical plant (DEMZ), the newspaper «Vedomosti» with reference to the letter of the primary beneficiary of the company Igor Zyuzin. Currently the territory in which there is an enterprise controlled by Pro-Russian armed groups fighting under the flags of the DNI.

In the letter, which was sent to the government in the summer, Zyuzin noted that operating cash flow, «Mechel» lack of interest, but repayment the main debt of the company need to change the payment schedule.
In this regard, Zyuzin asks Deputy Prime Minister to help «to return 50% invested in DEMZ funds (18 billion rubles)», which the company undertakes to direct on repayment of debts to state banks. Besides, the businessman asks for restructuring of loans in the amount of RUB 340 billion for a term of six years.

«Mechel» has got DEMZ in management in 2009, in agreement with A1 (enters in «the alpha-groups»), and two years later bought the asset for $537 million in installments on the funds attracted by Alfa-Bank. To pay the debt to the company was equal installments monthly from 2011 to 2018. The plant at that time was producing 1 million tons of steel per year. In its development and modernization «Mechel» has invested about 1 billion roubles, having provided almost 100% load.

In 2012, production at the plant was stopped — the shortage of scrap, it has become economically inefficient. To continue not allowed «beginning in April 2014, armed conflict in the East of Ukraine», stresses the letter Zyuzin. In the summer of 2016 control of the asset has passed to the provisional administration of the Donetsk people’s Republic. Despite this, Mechel continued to fulfill their obligations to Alfa-Bank, which closed in February of this year.

«Mechel» in the summer of sent main creditors — Sberbank , VTB and Gazprombank — proposals for debt restructuring. Payments on the «body» of debt, which is 88% of the total debt portfolio of «Mechel», the company asks to transfer from 2020-2022 on 2024-2026 years.

While Mechel has offered ENA creditor to whom the debt is still $460 million (8% of the debt portfolio), be included in the total restructuring with state-owned banks. Net debt «Mechel» without fines, penalties and options to the end of the second quarter was $ 411 billion.

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