Rusal Says All Creditors Approve Amendments to $5.2 Billion Debt - Bloomberg:
"United Co. Rusal (486) said all creditors have now agreed to its proposed changes to terms on two loans, for $4.75 billion and $400 million, averting the need for the world’s largest aluminum producer to pursue court action.
The company will proceed to carry out the loan amendment agreement “as soon as practicable,” Moscow-based Rusal said in a statement. The consensual sign-off by all creditors means Rusal may no longer need to pursue its action in English and Jersey courts, Rusal said.
Rusal, controlled by Russian billionaire Oleg Deripaska, said in June it will seek court approval for a so-called scheme of arrangement, which allows debt restructuring when at least 75 percent of creditors by value agree on it. Some of Rusal’s creditors were holding out for unjustified premiums, said Oleg Mukhamedshin, a Rusal deputy chief executive officer, on a call with reporters June 27."
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