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Rusal says lenders agree not to take action on potential defaults
April 9, 2014 / 1:25 AM / 4 years ago

Rusal says lenders agree not to take action on potential defaults

HONG KONG, April 9 (Reuters) - Russian aluminium giant United Company Rusal Plc said on Wednesday it has won consent from a majority of lenders not to take action against it in the case of potential defaults for the next three months.

Rusal said it is continuing to seek unanimous consent from its lenders in relation to $4.75 billion of syndicated facilities and $400 million of syndicated facilities that would be combined into a single facility agreement.

Each of the lenders had agreed not to take any steps to start insolvency proceedings against the company between April 8 and July 7 if it fails to repay instalments, Rusal said in a filing to the Hong Kong bourse.

The company will continue to pay any and all accrued interest on loans outstanding, it added.

Rusal told Reuters last week it was continuing talks with lenders to agree certain forbearances and to agree not to exercise their rights in the case of a covenants breach effective until July 7.

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Reporting by Donny Kwok; Editing by Richard Pullin

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