New covenant holiday for Russia’s over-geared Mechel

Mechel, the highly indebted Russian metals and mining firm, has reached an agreement with creditor VTB Bank for a one year covenant holiday on $1.8bn of bilateral credit lines.

  • By Olivier Holmey
  • 05 Dec 2013

This is the second time in just two weeks that Mechel has obtained temporary covenant relief on its debt. 

On November 25, the company announced that its lenders had agreed not to test the covenants on a $1bn syndicated loan until the end of 2014. 

Commerzbank, Caterpillar Financial Services, ICBC, ...

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