RUSAL won't pay on debts … at least 2 more months

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OK RUSAL, the world's largest producer of aluminum and alumina, signed the agreement on transfer of maturity dates of a principal debt on the credits of the international banks, falling on the next 2 months. Further the parties can prolong its action for one month. During the period of action of the agreement the company intends to coordinate conditions of long-term restructuring of a credit portfolio which will be equitable to interests of all participants of process. About it reports a press - service NGZ.

Action of the agreement extends on more than 30 transactions, including the syndicated and bilateral credit agreements, contracts for providing bank guarantees and letters of credit in which more than 70 banks participate. Conditions of this agreement were supported by the vast majority of the international creditor banks of the company that is a key condition for its introduction in force.

Now the amount of debt of RUSAL makes 14 billion dollars, of them debt to the international banks - 7,4 billion dollars.

Signing of this agreement was supported by also Russian creditor banks of RUSAL.

In December, 2008 RUSAL began negotiations with the international creditor banks during which the coordinating committee for discussion of possible changes of conditions of credit agreements taking into account the situation which has developed in the market of aluminum was created.

The signed agreement is continuation by the declared company of the Be the First program directed on cut in expenditure, production optimization, decrease in prime cost and strengthening of a position of the company as most effective producer of aluminum. This program is aimed at ensuring additional competitiveness of RUSAL and its steady functioning in the conditions of a world economic crisis.

"We are very grateful to banks that they supported our actions directed on overcoming of influence of world crisis, in a today's difficult situation in the markets. The signed agreement testifies to trust of the international banks and the Russian financial community to RUSAL, and also to constructive nature of our negotiations with creditors", - Oleg Deripaska, the Director general of RUSAL noted.

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