OAO Mechel, the Russian coal producer with about $9.55 billion in net debt as of June, won a waiver from banks of any tests that it’s meeting the terms of a loan, enabling the company to avoid a technical default.
OAO Mechel fell to the lowest level on record amid speculation that an investor facing a margin call may have sold shares as Russia’s largest coking coal producer holds talks with banks about restructuring debt.
On a grassy plain an hour’s drive southwest of Moscow, Vladimir Lisin has started producing steel at a newly completed plant. That’s something rival metals billionaire Lakshmi Mittal hasn’t achieved in Europe.
OAO Alrosa pledged to pay at least 35 percent of net income as dividends as the world’s largest diamond producer seeks to attract investors to a share sale valuing it at as much as 280 billion rubles ($8.7 billion).
GLG Partners Inc.’s attempt to mitigate losses from former hedge-fund manager Greg Coffey’s bet on a Siberian coal mining company was dealt a blow after Sibanthracite Plc pulled its initial public offering.