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. Last Updated: 07/27/2016

Metalloinvest Restructures Debt

Metalloinvest, the country’s largest iron ore producer, said Tuesday that it agreed with Sberbank, its biggest creditor, to restructure loans by borrowing from VTB Group.

The producer, controlled by billionaire Alisher Usmanov, made its first repayment to Sberbank this month, Metalloinvest said in a statement. VTB will help the company repay all its debts to Sberbank, the statement said.

Metalloinvest’s debt burden will not increase because of the restructuring, the company said. The producer has not delayed any repayments since the start of the global financial crisis, chief financial officer Eduard Potapov said in the statement.

The company needs to repay about $1.5 billion this year and another $700 million in the first half of 2010, Vedomosti reported July 9, citing unidentified bankers. Total debt amounts to $5.5 billion, the newspaper said.