MELBOURNE Aug 4 Russia's Rusal said
on Monday it has won approval from all its lenders to
restructure more than $5 billion in loans, which will help it
weather a weak aluminium market.
The agreement to refinance two facilities worth $4.75
billion and $400 million comes after United Company RUSAL Plc,
the world's largest aluminium producer, avoided default in July
when it won an extension on a debt deadline to October.
"Agreements reached with our lenders will allow us to
strongly improve the company's debt profile and maintain a
sustainable cash position in anticipation of an aluminium market
rebound," Rusal Deputy CEO Oleg Mukhamedshin said in a
The company had $10.3 billion in net debt as of March 31.
(Reporting by Sonali Paul; Editing by Richard Pullin)