On Tuesday, April 28, VTB will submit to the Moscow Arbitration Court a new claim of forced recovery from the mining and metallurgical company "Mechel" of debt under the loan agreement in the amount of 2.66 billion rubles. This "News" said a source close to VTB Group.
- VTB will continue to sue the company. At the same time the bank is in talks with "Mechel", which began to extinguish delinquent interest, but until the full amount is not paid, - he said.
This lawsuit will be the third in a row. The two previous lawsuits bank to "Mechel" the court has already granted. April 9, he decided to recover from the metallurgical company in favor of the Bank 50 billion rubles, of which more than 44 billion rubles - the principal debt, 3.2 billion rubles - interest on the loan and the more than 1 billion rubles - a penalty. The court decision will come into force one month, if the "Mechel" it does not appeal. April 24 Chelyabinsk Metallurgical Plant (a subsidiary of "Mechel") filed a complaint against this decision, considering that the date is not yet scheduled.
December 5, 2014 the Moscow Arbitration sought to "Mechel & raquo; almost 3 billion rubles of debt Interest VTB lawsuit filed in September, 2014. "Mechel" has appealed the December decision of the court, the court will consider the complaint April 29, 2015.
In mid-April, "Mechel" brokered Rothschild Group sent to the Sberbank debt restructuring plan, which included the agreement on the conversion of debt into shares. The head of Sberbank German Gref, then said that the bank will sue the claim of "Mechel" bankruptcy, if not will be offered options that are acceptable to the restructuring. Asked about the timing of the treatment to the court, Gref said it would happen "as soon as the payments come time and they will not pay." Speaking about the negotiations with the company, Gref said that they have so far failed.
- We have them the conditions formulated two weeks, probably earlier. The fact that they sent to us, it is unacceptable for us ... Consultant - Company Rothschild Group - and left us no longer returned, - said chairman of the board of Sberbank. - They (consultants) have said that they will consult and agree with the fact that these conditions have nacceptable, so that they will consult and come up with new proposals.
The representative of the Rothschild Group, James Friel and representatives of "Mechel" declined to comment.
- What has been asked to "Mechel" and its consultants did not suit creditor - it was about the shares of companies that do not generate income, - said a source close to the negotiations.
VTB has consulted with a number of banks to restructure the debt of "Mechel", but the results yet, announced in early April, the head of VTB Andrey Kostin. He noted the willingness of "Mechel" to repay the arrears. "One of the key points on the" Mechel "is a delay in repayment, here is what I call must have a positive solution to the debt settlement, in the context of the settlement of the problem - pay off the debt and more it does not allow", - he said Kostin told reporters.
"But the repayment delay and the need to pay interest on time - this is, of course, a condition that is the basis of the agreements", - he added.
In early March, VTB notified the other creditors (Gazprombank and Sberbank) that within the next month plans to resolve the situation with "Mechel" debt. If we can not reach an agreement, VTB was going to apply to the arbitration court of the place of registration of "Mechel" a statement of bankruptcy.
The third lawsuit says that so far the negotiations came to nothing lead.
- Guide "Mechel" acting weird - instead of any arrears interest, they extinguish debts parts. At the same time it requires to revise your bid. Bank immediately announced position: "You extinguish all debts on interest, and start negotiations on the rate." But "Mechel" interest and not repaid. As a result of the failure to grow and it has grown to several billion. This, in our opinion, unfair position, which ultimately can lead to the owner of the steel company's loss of all assets, - said a source close to VTB Group.
Lawyers interviewed by "Izvestia", suggested that VTB has chosen a strategy to reclaim the money from the "Mechel"through the procedure of enforcement proceedings, without resorting to bankruptcy of the company, as it will be faster.
- After the entry into force of a court decision VTB may initiate enforcement proceedings and to foreclose on any property of the debtor, regardless of whether it is a pledge or not. If the assets will be sufficient to repay the debt - to initiate a bankruptcy procedure is not necessary, - said, "Izvestia" lawyer, partner of law firm «S & K Vertical" Mikhail Ilyin.
According to analyst company BCS Oleg Peter and Paul, now "Mechel" to service the interest on bank loans due to the weakening of the ruble against the dollar. According to the forecast, in 2014 the company could get about $ 700 million in profit before taxes, interest, depreciation and amortization (EBITDA).
At the end of January 2015 the debt of "Mechel" to creditors of $ 6.3 billion company should Gazprombank $ 1.4 billion and 26.8 billion rubles, Sberbank -. 61.8 billion rubles, and € 29 million, VTB - 61 billion rubles and € 29 million. Another $ 1 billion "Mechel"should the syndicate of banks on pre-export loan.