June 27, 2014 / 12:56 AM / in 4 years

Rusal to seek court approval for $3.6 bln debt deal

MELBOURNE, June 27 (Reuters) - United Company Rusal Plc has won another reprieve from lenders, extending a deadline to refinance $3.6 billion in debt to the end of October while it seeks court approval for a debt restructuring that is being blocked by a few lenders.

To get around the 6 percent of lenders standing in the way of the debt deal, the world’s top aluminium producer said it would apply to UK courts to approve a scheme of arrangement that has been backed by most of its creditors.

“We are pleased that efforts to refinance our debt portfolio have attracted such significant lender support. We are disappointed, however, that these have not been supported by a very small minority of lenders,” Rusal’s deputy chief executive, Oleg Mukhamedshin, said in a statement on Friday. (Reporting by Sonali Paul; Editing by Richard Pullin)

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