RusAl Freezes Loan Payments

By The Moscow Times

July 2, 2014

Struggling aluminum giant RusAl has agreed with its creditors to extend a period of forbearance on debts of more than $5 billion until November, Interfax reported Wednesday, citing a company statement.

The company will freeze repayments on two loans — a $4.75 billion pre-export financing loan and a another $400 million loan.

The previous freeze on loan repayments was to expire on July 7.

Citing a source familiar with the situation, Reuters reported Tuesday that all the company's creditors save one — the Royal Bank of Scotland — had agreed to a debt restructuring deal.

The company has suffered heavy losses due to an extended drop in aluminum prices, which have only recently started to recover from 4 1/2 year lows.

… we have a small favor to ask.

As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just 2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Continue