ChelPipe Unpledges All Shares

5 October 2018 (09:18)

UrBC, Chelyabinsk, October 5, 2018. Chelyabinsk Pipe Rolling Plant (ChelPipe) signed agreements to annul all of the share lending contracts ChelPipe and ChelPipe Group’s Pervouralsk New Pipe Plant (PNTZ) had with their creditors Gazprombank and Bank VTB in September 2018, the company press service reports.

ChelPipe Group therefore has no encumbrance on its loan book at the moment.

‘The company keeps working to improve its performance and control debt, and the creditor banks chose to approach the case very cooperatively, so we can now switch to borrowing money without additional security. We are grateful to our financial partners for the great trust they have in ChelPipe Group’s paying capacity and are looking forward to working with our banks and investors on these mutually beneficial terms,’ says ChelPipe’s Finance Director Valeriy Borissov.

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