(Alliance News) - Petropavlovsk PLC is gathering advisers including AlixPartners for assistance in restructuring its debt, Sky News reported Friday.
On Thursday, the London-based miner with operations in Russia explained that it had a USD200 million committed term loan and USD86.7 million revolving credit facilities between itself and Gazprombank.
An interest payment of USD560,000 due on the term loan is currently prohibited due to sanctions. The rouble equivalent of USD9.5 million under its revolving credit facility has also not been paid as a consequence of the regulations.
This comes after Gazprombank was last week included on the UK Sanctions List.
Sky News reported that the alternative options available to Petropavlovsk were unclear, and would partly depend upon the length of the sanctions affecting its Russian lender.
https://news.sky.com/story/london-listed-miner-petropavlovsk-lines-up-advisers-for-crunch-debt-talks-12579657
Shares in Petropavlovsk closed 15% lower at 3.40 pence on Friday in London, and has fallen 86% in value over the last 12 months.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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