Serbia Agrees Programme To Speed Up Bad Loan Resolution

Russia's top lender Sberbank has filed a lawsuit against mining company Mechel for 3.8 billion roubles ($77.74 million), the Moscow Arbitration Court reported on Tuesday. Russia's second largest state bank VTB also filed a lawsuit against the indebted steel and coal producer for 1.9 billion roubles ($38.87 million), the court reported in documents released on its website. Mechel, controlled by businessman Igor Zyuzin, incurred large debts before the economic downturn. The company, which employs 72,000 people, has been in talks with its main lenders, including Sberbank, VTB VTBR.MM and Gazprombank, over a debt restructuring since 2014. Sberbank Chief Executive German Gref was quoted by RIA news agency on Tuesday as saying Mechel had yet to reach an agreement about how to restructure its debt. Read more.
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