Creditors of United Company RusAl were due to meet in Paris to vote on a restructuring deal offering the world’s largest aluminum producer a maximum seven-year extension on repayment of its $7.3 billion debt to more than 70 international banks.
En+ Group, which manages RusAl, said earlier Wednesday that it had secured a separate extension on repayment of $1 billion in debts until the end of 2013.
“We expect to be able to successfully complete the debt restructuring process and sign a new loan agreement within the next two months,” En+ general director Vladislav Solovyov said.
A sticking point in the restructuring process has been opposition by Alfa Bank to some of the plans. The bank brought a case against En+ Group to courts in Jersey and Cyprus.
But in a sign that Alfa’s stance might be softening, a representative of the bank said on Wednesday that it was prepared to restructure debts owed to it by Deripaska’s GAZ carmaker.
“Alfa Bank is prepared to join the restructuring of GAZ Group’s debt,” said the representative, who asked for anonymity in line with company policy.
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