Metinvest Restructures Debt of Pokrovskoye Coal Mine
Ukrainian steel maker & miner Metinvest has reached an agreement with the state-owned Ukreximbank to restructure and transfer more than UAH 1.5
Ukrainian steel maker & miner Metinvest has reached an agreement with the state-owned Ukreximbank to restructure and transfer more than UAH 1.5 billion of Donetskstal's debt to the Pokrovskoye Mine Administration, which previously acted as a guarantor for Donetskstal's obligations. The Pokrovskoye Mine Administration has been part of the Metinvest Group since March 2021 and is Ukraine's largest producer of high-quality coking coal used as fuel in metallurgical production.
Metinvest Group CEO Mr Yuri Ryzhenkov said “We believe that the restructuring of the Pokrovskoye Mine Administration's debt to Ukreximbank is a landmark event both for the Ukrainian banking market and for the country as a whole. We have reached an agreement with the bank, the terms of which allow us to start servicing the loan inherited during the recent acquisition of the Pokrovskoye Mine Administration. At the same time, the agreed long-term debt repayment schedule will allow us to effectively develop the Pokrovskoye Mine Administration.”