RusAl said Monday that it had repaid $529 million of debt to international and Russian lenders.
The company said $517 million had been repaid April 20 and an additional $12 million will be repaid by the end of the month using funds received from a recent 15 billion ruble ($501.5 million) bond issue by its Bratsk subsidiary.
RusAl became the world's biggest aluminum producer through a string of acquisitions and expansion over the last decade, but the global economic crisis and subsequent downturn in aluminum prices sent the group into a debt crisis. It restructured $16.8 billion of debt late in 2009 and launched initial public offerings in Hong Kong and Paris in January.
(Reuters)
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
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 every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
