December 22, 2017 / 3:12 PM / in a year

Mechel secures backing of 70 pct of its $1 bln loan holders for restructuring - two sources

MOSCOW, Dec 22 (Reuters) - Russian metals and mining giant Mechel has secured the backing of around 70 percent of its $1 billion syndicated loan holders essential for a restructuring deal, two sources familiar with the situation said.

A 75 percent share of votes is required to reach a deal, one of the sources said. Mechel declined to comment. The company, controlled by businessman Igor Zyuzin, borrowed extensively before 2014, after which it faced painful restructuring talks for the bulk of its debt. (Reporting by Katya Golubkova and Diana Asonova; Writing by Polina Ivanova; Editing by Katya Golubkova)

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