Deripaska to Cede Russneft?

Dec. 29, 2009

Billionaire Oleg Deripaska may soon cede Russneft, an oil producer he agreed to acquire two years ago, to its founder for the company’s debt, Vedomosti reported Monday, citing sources familiar with the situation.

Russneft founder Mikhail Gutseriyev will repay part of the debt with the money he received from Deripaska for Russneft in 2007, the newspaper said. Russneft owes $2.7 billion to Sberbank and its total debt stood at about $6 billion in the spring, the newspaper reported.

(Bloomberg)

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