Russian coal and steel producer Mechel said on Monday it had agreed a debt restructuring deal with the country's biggest bank Sberbank totalling 30 billion roubles ($446 million) and $427 million.
The mining company, controlled by businessman Igor Zyuzin, borrowed heavily before Russia's economic crisis and has struggled to keep up repayments as demand for its products weakened alongside tumbling coal and steel prices.
It is now in talks to restructure $5.1 billion, about 80 percent of its total debt, with four large creditors: Sberbank, Gazprombank, VTB and a syndicate of foreign banks.
Mechel said on Monday its subsidiaries had reached an agreement with Sberbank to restructure the $427 million and 13 billion roubles of the 30 billion total.
A separate agreement regarding the remaining 17 billion roubles owed by Mechel's Chelyabinsk Metallurgical Plant is due to be completed shortly, it said.
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