MELBOURNE, Aug 4 (Reuters) - 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 statement.
The company had $10.3 billion in net debt as of March 31.
Reporting by Sonali Paul; Editing by Richard Pullin