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.
Oct. 1, 2014, 9:12 AM
Oct. 1, 2014, 8:04 AM
- Mechel (NYSE:MTL) +16.8% premarket, following yesterday 50% explosion higher, as Andrei Kostin, the head of Russia's VTB Bank, says the lender is "not afraid" of investing into debt-laden coal and steel producer.
- Kostin also says he believes Russian banks will find the necessary funds to service MTL's $1B borrowed from a syndicate of Western banks.
- Shares soared yesterday on reports the company is close to a compromise deal with creditors.
Sep. 30, 2014, 2:18 PM
- Russia's Mechel (MTL +42.1%) is close to a compromise deal with its creditors that could resolve its debt problems within two weeks, according to an economic adviser at the Kremlin, sends shares skyrocketing.
- MTL borrowed heavily before the financial crisis, and creditors have pushed for a repayment rather than restructuring of its $8.7B in net debt; Russian leaders had said bankruptcy was “a probable scenario” instead of restructuring.
Sep. 23, 2014, 12:45 PM
Sep. 22, 2014, 12:46 PM
Sep. 22, 2014, 9:08 AM
Sep. 22, 2014, 8:10 AM
- Mechel Steel (NYSE:MTL) -36.6% premarket following weekend reports of Russia's economy minister suggesting bankruptcy is the most likely scenario for the heavily indebted company.
- The head of VTB, one of its creditor banks, says debt restructuring would not help MTL in the long term and that VTB would need to take legal action to recover debts.
Jul. 15, 2014, 12:57 PM
- Mechel (MTL +10.6%) reports signing deals with VTB Bank to extend the maturity of 15.8B rubles in loans; according to the new schedule, payment on the loans will begin in April 2015 with the final payment to be made in 2018.
- With the new agreements, MTL completed restructuring of its loans from VTB; the sum of all extended loans totaled 33.8B rubles, including 18.6B rubles for 2014, 6.4B for 2015 and 8.8B for 2016.
Jul. 10, 2014, 10:17 AM
- Mechel (MTL -6%) may be allowed to declare bankruptcy to sort out its finances, Russia's industry minister says, suggesting for the first time that the company might not be bailed out.
- While the comments could signal a change in policy, the final decision on what to do with MTL almost certainly will rest with Pres. Putin.
- Hit by weak prices for its products, MTL is $8.6B in debt and already has undergone several debt restructurings with creditor banks.
Jul. 10, 2014, 9:17 AM
Apr. 29, 2014, 9:57 AM
- Russian coal miner Mechel (MTL +3.2%) says it has temporarily halting operations at its Bluestone mine in West Virginia, as spot prices for coking coal hit their lowest since 2007, making coal production at the mine unprofitable.
- MTL says all work at Bluestone's mines and open pits are halted until market conditions improve, although washing facilities remain in operation.
- MTL had been looking to sell Bluestone in a bid to lower its $9B-plus debt.
Mar. 28, 2014, 9:12 AM
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