And VTB + Gazprom bank got converted into RUB at a rate of RUB/USD of 76-78 ... MTL debt just increased by 10% in the last week. Funny
ArcelorMittal is trading at 5.30x EV/EBITDA ... MTL is trading at 8.80x EBITDA ...
Maybe u finnally realize how overvalued MTL is ... at current levels. Debt seems to be unsustainable ... they are just kicking the can down the road ... with this restrocturing ... nothing more!
MTL trading at 9x EV Ebitda ...
This says it all
Gazprombank Agrees to Buy 49% of Mechel’s Elgaugol: Vedomosti
Bank will pay Mechel up to $550m for stake in Elgaugol, which is developing Far East coal deposit, Vedomosti reports, citing 3 people familiar w/sitiation
Co. will keep 51% of Elgaugol, rights to repurchase sold stake
Bank, Mechel representatives declined to comment to newspaper
I will stop posting on this board.
If MTL has to sell a Stake in ELGA ... then I require all pumpers to stop posting their non-sense on this board.
Do we have a deal Pippa? Gerry? ...
If u r so sure about your view ... let's make a deal ....
So, pelast tell me how MTL will be able to repay 476m USD due to Sberbank this quarter!! ... thank you!
The restructuring agreement shareholders will vote on ... next March does not say anything about ELGA.
But according to the Agreement MTL needs to pay 476m USD to SBERBANK this Quarter. MTL does not have the money to pay it!
-- It follows that MTL will have to sell Elga to Gazprom to repay the SBERBANK debt due this Quarter. As simple as that! ...
Open ur eyes
I guess Pumpers on this Board can not read:
"MOSCOW, Feb 15 Russia's Gazprombank will receive Mechel's Elga coal project in exchange of paying off some of the coal and steel company's debt to Sberbank, according to preliminary debt restructuring deal, two banking sources told Reuters."
1. if Debt Restructuring approved, MTL needs to repay 476m to Sberbank this Quarter
2. MTL does not have to mone to repay the 476m USD to Sberbank this Quarter
3. Gazprom had not guaranted MTL a new Loan
---- In order to repay Sberbank Debt due this Quarter ... MTL will have to sell ELGA to Gazprom.
Ready to hear different scenarios .... pippa
Please ... post here the relevant part of the proposal .. that talks about Elga ... and the Sale only happening in 2023. thx!
"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."
And GazPromBank ... might get also some additional Assets...
"One of the two sources, and a third banking source, said that Gazprombank may get some other assets apart from Elga but did not name them."