IBDvalueinvestin (96.41)

The BRIC nations loaded with oversold stocks, Brazil (ARA), Russia (MTL), India (IBN), China (YZC)

May 19, 2009 – Comments (1) | RELATED TICKERS: ARA , MTL , IBN

Actually if MTL manages to pull off the deal of its life then it could also be our deal of a lifetime buying this stock below $10/shr 

Russia Mechel to restructure, pay off $1.5 bln loan

MOSCOW, May 14 (Reuters) - Russia's Mechel (MTL.N) will restructure $1.0 billion of a $1.5 billion bridge loan due May 15 and pay off the remaining amount in cash with funds borrowed from Gazprombank, banking sources told Reuters on Thursday.

Three sources said the highly leveraged steel and coking coal producer had reached an agreement with lenders on the loan, but they did not say when the restructured debt must be repaid.

"The company has agreed on the fundamental parameters of the loan with the coordinating committee, and now the agreement must be signed with the entire syndicate, and the conditions could still be adjusted," a source at one of the Western banks in the syndicate said.

Mechel declined to comment on the matter. (Reporting by Oksana Kobzeva and Polina Devitt, writing by Alfred Kueppers)