Russian minister says supports saving Mechel with bankruptcy law one option

MOSCOW, July 10 Thu Jul 10, 2014 4:51am EDT

MOSCOW, July 10 (Reuters) - Russian Industry Minister Denis Manturov said on Thursday he supported returning indebted miner Mechel to financial health within the framework of bankruptcy law or by creating a managing company, RIA Novosti news agency reported.

On Wednesday state-owned development bank Vnesheconombank (VEB) said it would not take part in a bailout of Mechel, extinguishing hopes for a convertible bond scheme that was seen as its most likely lifeline.

(Reporting by Polina Devitt; Editing by Alessandra Prentice)

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