In mid-April, Mechel offered a debt settlement proposal to Sberbank. Sberbank's head German Gref said that the proposals were more a unilateral statement than an actual business proposal, including the offer of Mechel stock instead of cash to settle the Sberbank debt.
VTB's claim for $1.9 billion rubles (about $38.6 million) was filed May 12 and is awaiting a court hearing. VTB named five of Mechel's subsidiaries as co-defendants.
The company lost over 75 percent of its market value in 2014 and in March Russian Economy Minister Alexei Ulyukayev described Mechel's bankruptcy as “inevitable.”
According to the company, its debt was $7 billion as of April 20, 2015.