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.