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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