The owner of the Russian steel producer Maxi-Group, Mr. Nikolay Maximov, has sold 50 percent of his company's shares to Mr. Alisher Usmanov, the owner of the Russian iron ore and steel producing company Metalloinvest Holding (Metalloinvest), in order to refinance his company's debts of Ruble 24 billion ($977 million).
According to the agreement concluded between the companies, Mr. Maximov will retain his position as the head of Maxi-Group, while Mr. Usmanov will assume full management of the group.
As SteelOrbis reported at the beginning of November, Maxi-Group had run into financial difficulties due to the refusal of several banks to refinance its previously-agreed credits. As a result, the company had to stop implementation of some of its projects and turned to the Russian government for help.