UPDATE: Rusal signs standstill, focus shifts to restructuring plan

09 Mar 2009

Russian aluminium company Rusal has signed a standstill agreement with its domestic and international lenders, giving it two months to restructure its debt, which the company puts at $14bn. Roughly half of that is held by foreign lenders, it emerged on Friday after Rusal disclosed further details surrounding the restructuring.

International lenders’ exposure to Rusal totals $7.4bn, and the borrower said the standstill agreement covered more than 30 transactions, including syndicated loans, bilaterals, bank guarantees and letters of credit. It disclosed that over 70 banks were involved in the negotiations, although Rusal said the standstill had received the ...

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