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 firstname.lastname@example.org)
December 10, 2016
Chairman of State Duma international affairs committee considers 'McLaren report' in light of Western attempts to mire Russia's image
Non-OPEC countries discussing possible oil output cut of 635,000 barrels per day, but no final figures known yet
Belarusian Information Ministry sees reports by some Russian media as insulting Belarusian people
Bank accounts of Marchukova sisters seized in case of embezzlement of Nota Bank depositors' money
Russian energy minister urges oil producing countries to reach consensus on balancing oil market (Part 2)
Russian nurses killed in Aleppo buried with military honors in Birobidzhan
Coal self-ignites in Karaganda coal mine in Kazakhstan, miners evacuated
Crimea may be connected to Russian gas transport system by end of 2016 - Russian Energy Ministry
Ukrainian govt forces shelled over 30 times in Donbas in past 24 hours - military operation HQ
Relatives of BTA Bank ex-owner Ablyazov report his release in France
Progress spacecraft crashed on Dec 1 after being hit by 3rd stage - source
No Russians among victims of Nigeria suicide attacks on Friday - Russian Foreign Ministry
Over 20,000 civilians leave eastern Aleppo, over 1,200 militants lay down arms on Saturday - Russian Defense Ministry (Part 2)