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Russia's Sberbank in talks with Rusal on debt restructuring deal-sources
January 24, 2014 / 9:21 AM / in 4 years

Russia's Sberbank in talks with Rusal on debt restructuring deal-sources

DAVOS, Switzerland, Jan 24 (Reuters) - Russian state lender Sberbank is negotiating with aluminium company Rusal on a debt restructuring deal, which will help the company weather low aluminium prices, two banking sources told Reuters on Friday.

Loss-making Rusal has been hit by the weak aluminium price and maintaining net debt levels of around $10 billion.

“The model has been broadly agreed ... We cannot afford the world’s largest producer to fail,” one of the sources said.

Rusal declined to comment on discussions with Sberbank. Reuters could not reach Sberbank for immediate comment. (Reporting by Dmitry Zhdannikov; additional reporting by Polina Devitt, editing by Elizabeth Piper)

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