MOSCOW, September 1 (RAPSI) - Creditors have agreed to drop suits against Mechel Energo and Mechel Trans Vostok, controlled by OAO Mechel, seeking debt recovery in bankruptcy proceedings, RAPSI learnt Monday in the Commercial Court of Chelyabinsk Region.
Proceedings in bancruptcy cases filed by RosPromSoyuz and Sibtranskomplektatsiya companies have been ceased after Mechel affiliates payed off the debts.
Debts of Mechel OAO, Russia's largest producer of steelmaking coal, were estimated in May at $8.3 billion.
Last July, Mechel reached an agreement with state-controlled VTB to extend the repayment schedule on loans totaling 15.8 billion rubles. Under the new schedule, repayment of the loans will begin in April 2015 and the final payment will be due in 2018.
The company also owes $2.3 billion and $1.3 billion to Gazprombank and Sberbank, respectively.