MM said it did not take up an option to buy 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, options mechel 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 options mechel. 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 options mechel 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.
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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 for comment.