Russia's Mechel gets covenant holidays on $1.8 bln VTB loans

Reuters

MOSCOW, Dec 4 (Reuters) - Debt-laden Russian miner Mechel said on Wednesday it had reached agreementwith state bank VTB on covenant holidays on creditlines of $1.8 billion until the end of 2014.

The coal-to-steel group, saddled with debts of $9.6 billion,has been seeking a waiver of loan covenants and delays torepayments.

"We see and approve the potential of its current assetrestructuring program and are willing to offer VTB's support toMechel," VTB's First Deputy President Yuri Soloviev was quotedas saying in Mechel's statement.

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