MOSCOW Dec 5 Debt-laden Russian mining and
steel firm Mechel has secured the restructuring of $1
billion syndicated loan, the company said on Wednesday.
The loan, which was in a monthly repayment phase, will now
benefit from a grace period of 12 months, followed by repayment
in equal monthly installments until August 2015, it added.
New York-listed Mechel, carrying net debts of $9.4 billion
as of Sept. 1, put up its non-core assets for sale earlier this
year in an attempt to raise around $4 billion to cut its debt
leverage. It has yet to make any major sales.
Mechel, controlled by billionaire Igor Zyuzin, like other
Russian steelmakers, invested heavily to expand until the 2008
financial crisis hit steel demand and forced them to borrow to
(Writing by Polina Devitt)