Sberbank sues Mechel subsidiary for $224 million
MOSCOW, October 8 (RAPSI) - Sberbank has filed a lawsuit with the Moscow Commercial Court seeking to recover over $ 224 million in debt from the coal company Yuzhny Kuzbass (South Kuzbass), a subsidiary of the mining and steel giant Mechel, according to court records.
Earlier, Sberbank reportedly filed another three claims against Yuzhny Kuzbass to collect about $104 million.
Sberbank is one of Mechel’s three largest creditors, alongside VTB Bank and Gazprombank. But unlike these two banks, Sberbank is not satisfied with Mechel’s debt restructuring proposals it received in mid-April.
As of September 1, 2015, Mechel’s debts were estimated at $6.313 billion. The company has been negotiating the restructuring of its debts since early 2014.
Mechel is a leading global mining and steel company and currently the most debt-laden in the sector. It was established in 2003 and comprises over 20 companies that produce coal, iron ore, steel, rolled product, ferroalloys, heat and electricity.