Mechel came to an agreement on the covenant holidays with Sberbank till 2014 end, the company informed.
It concerns two-side credit lines in the total volume of 44.9bn rub.
($1.36bn). Earlier, the parties signed similar agreement on the two-side credit line in the volume of $1.8bn. Besides, the Company obtained delay in the coverage of the $1bn worth syndicated credit till 2016.
Nov. 13 the quotations of Mechel stocks rocketed down more than 40%. In view of some analysts, the shakeout was provoked by the rumors on the probable credit default of the Company.
Mechel (TIN 7703370008) is one of the leading Russian companies. It involves 4 sectors: mining, metallurgic, ferroalloys and energetic. It includes producers of the coal, ore concentrate, nickel, steel, rolled products, heat and electric energy. Its products are sold on the Russian and foreign markets.
The IQ 2013 net losses (US GAAP) gained $321mln against $218mln in profit prior year; revenues declined 16.89% to $2.83bn from $3.405bn; operating profit - 5.2 fold to $61mln from $317mln; corrected EBITDA dropped 2.32 fold to $210mln from $487mln; EBITDA margin coming to 8.5% from 16.5%.
The 9-month 2013 net losses (RAS) gained 10.038bn rub. vs. 22.723bn rub. in profit prior year period; revenues dropped 7.88 fold to 3.182bn rub.
from 25.085mln rub.; profit from sales - 10.5 fold to 2.32bn rub. from 24.37bn rub.; pretax losses coming to 10.201mln rub. vs. 22.047mln rub. in profit prior year.