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UPDATE 1-Russia’s Mechel says has enough creditor support for restructure of $1 bln loan – Business Insider

(Adds details, quotes, context)

MOSCOW, Dec 29 (Reuters) – Russian coal and steel producer
Mechel said on Friday that talks with banks on
restructuring a $1 billion syndicated loan had concluded
successfully.

Mechel, which is controlled by businessman Igor Zyuzin and
came close to bankruptcy last year, had circulated the final
draft of a restructuring proposal among its creditors last week.
It needed the support of at least 75 percent of the loan holders
– a pre-export facility (PXF) – for the deal to go ahead.

“Mechel has obtained the agreement of over 75 percent by
value and the majority in number of the PXF facilities’
participants to implement the restructuring of such facilities,”
the company sai…

Read the full article at: http://www.businessinsider.com/r-update-1-russias-mechel-says-has-enough-creditor-support-for-restructure-of-1-bln-loan-2017-12

Category: RestructuringBy Insolvency GuardianDecember 29, 2017

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UPDATE 1-Russia’s Mechel says has enough creditor support for restructure of $1 bln loan – Business Insider

(Adds details, quotes, context)

MOSCOW, Dec 29 (Reuters) – Russian coal and steel producer
Mechel said on Friday that talks with banks on
restructuring a $1 billion syndicated loan had concluded
successfully.

Mechel, which is controlled by businessman Igor Zyuzin and
came close to bankruptcy last year, had circulated the final
draft of a restructuring proposal among its creditors last week.
It needed the support of at least 75 percent of the loan holders
– a pre-export facility (PXF) – for the deal to go ahead.

“Mechel has obtained the agreement of over 75 percent by
value and the majority in number of the PXF facilities’
participants to implement the restructuring of such facilities,”
the company sai…

Read the full article at: http://uk.businessinsider.com/r-update-1-russias-mechel-says-has-enough-creditor-support-for-restructure-of-1-bln-loan-2017-12

Category: RestructuringBy Insolvency GuardianDecember 29, 2017

Post navigation

PreviousPrevious post:ForeverGreen Completes Restructuring and Focuses on Growth – Utah BusinessNextNext post:SEKAP Tobacco Company Gets Temporary 3-week Stay in Debt Collection – Greek Reporter

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Real estate businesses seek restructuring of overdue, coming due bonds – Viet Nam News
July 17, 2024
SK Ecoplant to merge tech unit for group restructuring – Korea Economic Daily
July 16, 2024
Revenue negotiations on warehouse debt cited as reason for decline in small company restructurings, study says – The Irish Times
July 16, 2024
Over 200 jobs saved so far this year through small business restructuring process – Irish Examiner
July 15, 2024
Atos secures funding for rescue plan, lives to fight another day – The Register
July 15, 2024
McGrathNicol celebrates twenty years in business recovery – Consultancy.com.au
July 13, 2024
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