Tue, Apr. 28, 6:20 AM
Wed, Mar. 18, 12:45 PM
Wed, Mar. 18, 9:12 AM
Tue, Mar. 17, 12:45 PM
Mon, Mar. 16, 12:45 PM
Mon, Mar. 16, 12:28 PM
- Mechel (MTL -27.9%) shares are crushed following reports that Russia's Economic Minister has said a bankruptcy for the debt-ridden company is "inevitable."
- Economic Minister Alexei Ulyukayev reportedly said Friday that attempts to restructure MTL’s $6B debt had failed and that company was unable to find a white knight to buy it.
Mon, Mar. 16, 9:14 AM
Wed, Mar. 11, 12:47 PM
Wed, Mar. 11, 9:11 AM
Wed, Mar. 11, 8:24 AM
- Russia’s Mechel (NYSE:MTL) +9.5% premarket and +20% in Moscow as lender VTB Group says the coal producer may still avoid bankruptcy.
- "The door is open and if there’s a possibility to resolve it, we will,” VTB CEO Andrey Kostin says.
- Last week, VTB published an official statement informing other lenders that it plans to file a bankruptcy claim against MTL.
Sat, Mar. 7, 4:21 PM
- Bank VTB confirms it will go to court in a month to seek Mechel's (NYSE:MTL) bankruptcy. But says that before doing so, it sees opportunities for a constructive dialogue to settle the coal producer's debt.
- For its part, MTB says it is sure the situation can be solved through talks, adding that it received a proposal from VTB to cut its interest rate under one of four credit lines to 18.5% from current 35%. MTB also says it and VTB were discussing a new debt repayment schedule earlier this week, and that it was surprised by VTB's threat to push it into bankruptcy.
- On Friday, ADRs of MTB fell 16.6% on the NYSE, although the story was not broadly reported in English-language media.
Fri, Mar. 6, 12:45 PM
Thu, Jan. 29, 9:35 AM
- Mechel (MTL +15.8%) surges at the open following a report that Russia's industry minister said the coal and steel producer will be included in a list of companies to receive state support as part of anti-crisis measures.
- The government is drawing up a list of core companies which will receive state guarantees for their loans.
Dec. 9, 2014, 6:42 AM
Nov. 14, 2014, 3:57 PM
- Mechel's (MTL -0.5%) owners are putting the mining company at risk of bankruptcy due to poor management and unwillingness to strike a debt deal with banks, the head of Russian lender Sberbank says.
- The banks proposed that MTL convert part of its debt into shares until the debt reaches a manageable level, and the banks would buy the newly created shares while the company would have an option to buy them back at any time, but MTL did not like the proposal.
- MTL has more than $8B in outstanding debt, with most of it provided by Russia’s three largest state-run banks, including Sberbank.
Oct. 2, 2014, 12:35 PM
- Mechel's (MTL -8.4%) creditors will consider proposals by the company to save it from bankruptcy and restructure its debt, but lender VTB boss Andrei Kostin says the Russian miner has reached the "upper limit of its indebtedness" and there is "no scenario apart from the fairy-tale one."
- It is "highly unlikely there is a buyer" for the company, Kostin says in a more negative take than his comments yesterday that he believes Russian banks will find the necessary funds to service MTL's $1B borrowed from a syndicate of Western banks.
MTL vs. ETF Alternatives
Mechel OAO is engaged in mining, steel, ferroalloys and power sectors. The Company's steel business comprises the production and sale of semi-finished steel products in Russia, Ukraine, Turkey, Kazakhstan, the USA and Europe. It also produces coke.
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