Indebted Mechel agrees covenant easing with lenders

Russian metals and mining firm Mechel has reached an agreement with its creditors to cap its net debt at 10 times Ebitda, as the firm continues to battle its way out of its debt pile.

  • By Michael Turner
  • 22 Jan 2014
The debt to Ebitda ratio was raised from a ratio of 7.5 after Mechel broke this covenant in the second half of last year. The firm also breached its covenant on the Ebitda to net interest expense ratio, which was supposed to be no less than 1.5. Mechel's ...

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