RUSAL defers repayment of debt to foreign banks for 2 years

Rusal can not pay the bills. Company Oleg Deripaska plans to defer repayment of principal debt to foreign banks for up to two years. It is the duty of "Russian Aluminum" to foreign financial institutions amounts to almost 7.5 billion dollars. Repayment Rusal intends to carry out in accordance with the timetable associated with the prices of aluminum on the London Stock Exchange, "Vesti". According to the management company, this will minimize the size of debt payments during periods of low metal prices and increase them when revenues from sales of aluminum increase. Total debt Rusal is 16 billion 800 million dollars. This amount includes debt owed to the Russian banks. Only VEB Rusal owes 4.5 billion. Debts to ONEXIM Mikhail Prokhorov - about $ 3 billion. Of the total, only this year, Rusal must repay $ 8 billion.