Mechel shareholders to again consider debt restructuring May 26
MOSCOW. March 30 (Interfax) - The shareholders of Mechel will again consider a debt restructuring plan at an extraordinary general meeting on May 26.
The meeting agenda includes approval of interested-party transactions with state bank VTB , Gazprombank and Sberbank , as well as a syndicate of banks, the Russian steel and coal company said in a statement.
Mechel said the main subject of the shareholder meeting will be the restructuring plan.
The voting will be held on a correspondence basis. The register of shareholders eligible to vote closes on April 7.
A previous shareholder meeting held on March 4 to approve the debt restructuring plan failed to achieve a 50% quorum.
The Mechel group consolidates controlling stakes in metallurgical, coal mining and power companies, as well as trading ports. Charter capital consists of 555,027,660 shares, of which 75% are ordinary and 25% preferred.
The debt subject to the restructuring amounted to $5.1 billion as of September 30, 2015 or 80% of Mechel's total debt.