The Mechel company of billionaire Igor Zyuzin has repaid part of the debt of its subsidiary, PJSC Southern Kuzbass, to VTB in the amount of more than $340 million, according to the company's website.
“According to the terms of the restructuring carried out in 2020, the debt on this loan in the amount of $341 million was to be repaid according to the agreed schedule until April 2022 inclusive,” the message said.
However, by the beginning of February 2022, the South Kuzbass coal company repaid the debt under this loan agreement ahead of schedule. Due to this action, part of the collateral pledged to VTB will be released.
Against the background of this news, ordinary shares of Mechel on the Moscow Exchange rose by 11.9% to 147.31 rubles at 12:41 Moscow time, which is the highest value since November 2021.
On January 11, it became known that the Nicosia District Court in Cyprus on December 22 arrested some assets belonging to Mechel and its main shareholder Igor Zyuzin. The lawsuit was filed by Advalor-Consult, which owns a quarter of Kuzbassenergosbyt, 72% of which is controlled by Mechel. The company is going to compensate the losses of Kuzbassenergosbyt due to intra-group transactions with companies of the Mechel group in the amount of about €80 million.
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