Ukrainian steel producer
Metinvest has said in its financial report published on April 8 that a payment default of $113 million occurred after it failed to get the required 100 percent approval from its lenders for a partial deferral of the March and April principal installments in March.
The company now targets a broader rescheduling solution for its $113 million debt which is due in May, seeking an extension from its creditors, given the almost 60 percent fall in
Metinvest's revenues in 2014, the decline in the country's currency and the conflict in eastern
Ukraine.