MOSCOW, April 15 (RAPSI) - Sberbank plans to file a bankruptcy claim against OAO Mechel, an integrated mining and steel company, after negotiations regarding restructuring its debt failed, the chairman of Sberbank, German Gref, announced on Wednesday.
Sberbank will initiate bankruptcy proceedings if no agreeable options for restructuring the debt are presented, Gref said.
The bankruptcy claim would be filed if the company fails to meet the deadline to pay off its debts, according to Gref.
Sberbank is a major Mechel creditor. Mechel, a steel producer, is heavily in debt including $2.3 billion to Gazprombank, $1.8 billion to VTB and $1.3 billion to Sberbank.
In early March, VTB also announced its intention to file a bankruptcy claim against Mechel but has not proceeded yet.