Russia's Gazprombank to get Mechel's Elga in exchange for some of debt to Sberbank

February 15, 2016 10:40 AM

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MOSCOW Feb 15 Russia's Gazprombank will get Mechel's Elga coal project in exchange for paying off some of the coal and steel company's debt to Sberbank, according to a preliminary debt restructuring deal, two banking sources told Reuters.

The agreement is a part of a wider restructuring process, announced by Mechel earlier this month, which involves Sberbank, Gazprombank, VTB and a consortium of international banks.

Also read: UPDATE 1-China banks agree debt restructuring deal with Sinosteel -Bank of China

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