White & Case has advised VTB Bank on the USD 1.7 billion restructuring of Russian mining and metal company Mechel PAO and on various matters connected to the related sale of the Elga Coal Complex, one of Mechel's main assets.
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. 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 be a total of RUB 237 billion.
The White & Case team was led by Moscow-based Partner Natalia Nikitina, working with Partner Ekaterina Logvinova, Counsels Pavel Boulatov and Adam Smith, and Associates Rimma Izmaylova, Maria Kulmukhametova, and Oleg Todua. The firm's team also included, in Singapore, Partner Charles McConnell and Associate Berdine Geh, in Stockholm, Counsel Niklas Helmer and Associate Jacob Frank, and in Prague, Partner Tomas Jine.
White & Case did not reply to our inquiry on the matter.