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Metinvest and Creditors Fail to Agree On Debt Restructuring Terms
February 5, 2026
Metinvest and a core group of bondholders failed to agree on its restructuring terms concerning more than $1.25bn in debt. The steelmaker has been seeking to extend the maturities of its three main dollar bonds by two to three years, citing the severe impact of Russia-Ukraine war, including damage to key assets such as the Azovstal plant. Despite what Metinvest described as “extended and constructive discussions” and a narrowing of differences, no final agreement was reached. Metinvest said it will explore alternative liability management options while continuing to engage with creditors. The company’s bonds are currently due to mature this year, next year and in 2029, and Metinvest aims to push those maturities out to 2029, 2030 and 2031. A key sticking point was pricing and repayment terms: Metinvest offered coupon rates of 9.50%, 8.65% and 8.75%, while creditors demanded higher rates of up to 9.75% and earlier, larger amortisation payments, preventing a deal.
Its dollar bonds however traded with a positive bias, with its 7.65% 2027s at 94.2 cents on the dollar, yielding 11.6%.
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