Option sur mechel,
MM said it did not take up an option to option sur mechel back a stake in its Elga coal mine by a deadline on Monday as it had received an alternative offer. MMone of its main creditors, in as part of a debt restructuring process. Gazprombank said on Tuesday that Mechel had failed to exercise this pre-emptive right in time, adding the bank would consider options for further action.
A representative of Mechel said the company needed more time to study the alternative offer it had received, but provided no further details. Last year, the bank received a surprise offer for its Elga holdings from investor Albert Avdolyan and his A-Property group, which prompted the bank to offer Mechel the pre-emptive right that expired on Monday.
A-Property declined to comment on whether it had made the renewed offer to Mechel. MMMechel's other main creditor, on the matter.
VTB declined to comment. Rostec said it had not made an offer to participate in the Elga project.
A representative of CoalStar owner Eduard Khudainatov declined to comment. A spokeswoman at VostokCoal was not immediately available option sur mechel comment.