Deripaska Hopes to Restructure Debts of Rusal
OREANDA-NEWS. On 26 May 2009 was announced, that Oleg Deripaska, CEO of Moscow-based United Company RUSAL, the world's largest aluminium producer, and owner of GAZ, Russia's leading automotive manufacture, in the interview to the Japanese business daily Nikkei expressed his hope that agreement on restructuring the debts of RUSAL to international creditors, including Japanese banks, will be reached by the end of May.
World economic crisis hit hard banking sector and lending is being difficult in such situation. Many companies currently face unprecedented financial difficulties. However Mr. Deripaska expressed confidence on the future of GAZ and of his Norilsk Nickel stake.
Oleg Deripaska was a member of the Russian delegation, headed by Prime Minister Vladimir Putin, on a visit to
Oleg Deripaska was born in January 1968. Today he is a major player in the Russian aluminium industry which he consistently consolidated during the last 10 years. In 2007 United Company RUSAL was established as a result of such consolidation. Along with RUSAL, portfolio of Basic Element,
In 2008 Deripaska was ranked 9th in Forbes rich list, in 2009 he did not managed to get in top one hundred.
In March RUSAL agreed a three-month freeze on repayment of USD 7.4 bln to international banks. RUSAL owes USD 14 bln in total. The company is currently in talks with creditors on long-term restructuring of its debt.
RUSAL owns 25% stake in Norilsk Nickel, world's leading nickel producer, which is being kept as collateral by the state-owned bank. If RUSAL fails to repay its debt by the end of this year, its stake in Norilsk Nickel may be in jeopardy. "We agreed in principle to extend repayment of this debt," said Deripaska.
Although situation in the Russian automotive industry is getting worse, Deripaska is not going to sell GAZ to the state. GAZ and Japanese T.RAD Co. Ltd. combined their efforts to establish production of radiators in
Deripaska said that Russian government is doing much to tackle ongoing economic turmoil and now it is business that should react adequately to the recovery program of the government. He mentioned that Basic Element has been actively restructuring its business to overcome the crisis at the lowest possible cost.
Speaking about projects in
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