U.S. News

Justice to sell part of Russian company stake


The Greenbrier's owner is getting a big infusion of cash from selling part of his holdings in Russian mining giant Mechel OAO.

A regulatory filing says James Justice II, a family company and two relatives are selling 30.5 million Mechel securities for $228.75 million. The underwriters have an option for another 4.5 million securities, worth another $33.75 million.

Justice bought The Greenbrier a year ago after the famed resort that has hosted kings and U.S. presidents filed for bankruptcy. At the time, he was selling a big piece of his coal mining business to Mechel for $436 million cash, 83.3 million preferred shares of stock, and the assumption of $132 million in debt.

Mechel filed the regulatory document Friday with the Securities and Exchange Commission.