White & Case Advises VTB Bank on US$1.7 Billion Restructuring of Mechel Group
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Global law firm White & Case LLP has advised VTB Bank on a landmark US$1.7 billion restructuring of Mechel PAO, one of the leading Russian mining and metals companies.
"Our cross-border and multi-practice team worked closely with VTB to deliver a landmark restructuring," said White & Case partner Natalia Nikitina, who led the Firm's deal team. "The transaction showcases our established strengths advising on deals in the mining and metals industry, and adds to our global track record of supporting successful financial restructurings."
Mechel has signed agreements with its lenders prolonging the debt maturity of its credit lines by seven years with an option for an additional three-year extension. As part of the restructuring process, White & Case also advised on various matters relating to the sale of the Elga Coal Complex, one of Mechel's main assets. After Mechel repays part of its debt with proceeds received from that sale, the overall restructured debt to Mechel's two major state-controlled lenders – VTB Bank and Gazprombank – will total RUB237 billion (approximately US$3.11 billion).
The White & Case team which advised on the transaction was led by partner Natalia Nikitina (Moscow) and included partner Tomáš Jíně (Prague), local partners Ekaterina Logvinova (Moscow) and Charles McConnell (Singapore), and counsel Pavel Boulatov (Moscow), and Niklas Helmer (Stockholm), and associates Rimma Izmaylova, Maria Kulmukhametova, Oleg Todua, Andrey Ushakov (all Moscow), Jacob Frank (Stockholm) and Berdine Geh (Singapore).
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