(Adds more detail)
MOSCOW, Dec 22 (Reuters) – Metals and mining company Mechel
has secured the backing of around 70 percent of
creditors for a restructuring of its $1 billion syndicated loan,
two sources familiar with the situation said.
This brings Mechel close to achieving the 75 percent support
from creditors needed to reach the deal, one of the sources
said.
The agreement was discussed with the company’s main lenders
and a final proposal was circulated by the company on Monday
this week, this source said.
Mechel declined to comment.
The company, controlled by businessman Igor Zyuzin, borrowed
extensively during the commodities boom in the 2000s and faced a
painful restructuring following the 2008 f…
Read the full article at: http://www.businessinsider.com/r-update-1-mechel-gets-backing-from-70-pct-of-creditors-to-restructure-1bln-loan–sources-2017-12