July 02, 2014 13:00
Rusal extends forbearance period on syndicated loans until October 31
MOSCOW. July 2 (Interfax) - Russian aluminum company UC Rusal has frozen payments on syndicated loans of $4.75 billion and $400 million until October 31, 2014, the company said in a statement.
Rusal added that the forbearance included stopping all payments on existing loan agreements until new refinancing conditions enter into force. This could be prolonged until November 30, 2014.
The former system for freezing payments on the loans entered into force on April 8 and is set to expire on July 7.
It was reported that Rusal intends to reach agreements with all creditors to refinance syndicated loans. Rusal has said it planned to obtain a court ruling to secure the consent of all creditors to refinance the syndicated loans since two banks, which account for 6% of overall debt, refused to accept the new conditions of settlement - the Royal Bank of Scotland and Germany's Portigon. Portigon has, however, already agreed to refinance. This means that of the syndicate of 23 banks, just one has not confirmed the refinancing deal.
The hearings will take place on July 10 at the High Court in London and on July 15 in the Royal Court, Jersey.
Kh pr ak
(Our editorial staff can be reached at email@example.com)
October 01, 2016
Two Ukrainian servicemen injured in Donbas over past 24 hours - Defense Ministry
Russian govt's documents on resuming Bashneft's privatization ready to be signed by Medvedev - Shuvalov
Self-proclaimed Luhansk republic: Separation of forces in village of Zolote completed
CORRECTED: RUSSIAN GOVT'S DOCUMENTS ON BASHNEFT'S PRIVATIZATION READY FOR SIGNATURE, FORWARDED TO SECRETARIAT - SHUVALOV
Separation of forces in village of Petrivske in Donbas postponed - self-proclaimed Donetsk republic commander
GAZPROM NEFT MAY HAVE PROBLEMS LOWERING OIL PRODUCTION AFTER IT HAS BEEN GROWING OVER PAST YEARS, BUT IT IS TECHNICALLY POSSIBLE - GAZPROM NEFT HEAD DYUKOV
RUSSIAN GOVT'S DOCUMENTS ON BASHNEFT'S, ROSNEFT'S PRIVATIZATION READY FOR SIGNATURE, FORWARDED TO SECRETARIAT - SHUVALOV
PEOPLE'S POLICE IN SELF-PROCLAIMED LUHANSK PEOPLE'S REPUBLIC SAYS IT HAS COMPLETED SEPARATION OF FORCES IN VILLAGE OF ZOLOTE
Self-proclaimed Luhansk republic police chief: Separation of forces in Zolote starts, Ukraine unprepared for pullback in Stanytsya Luhanska
Ukraine not prepared to pull its forces back in Petrivske - JCCC
Probe into MH17 crash doomed to failure if based on premise that Russia is to blame - Kremlin spokesman Peskov
SELF-PROCLAIMED LUHANSK PEOPLE'S REPUBLIC (LPR) STARTS TAKING STEPS TO SEPARATE FORCES IN VILLAGE OF ZOLOTE - LPR PEOPLE'S POLICE
UKRAINE REFUSES TO PULL BACK ITS FORCES, MATERIEL IN VILLAGE OF PETRIVSKE - JOINT CEASEFIRE CONTROL AND COORDINATION CENTER SPOKESPERSON
IF PROBE INTO MH17 CRASH CONDUCTED BASED ON PREMISE THAT RUSSIA IS RESPONSIBLE, IT IS DOOMED TO FAILURE - KREMLIN SPOKESMAN PESKOV