Aluminum giant RusAl has won another reprieve from lenders, extending a deadline to refinance US$3.6b in debt to October while it seeks court approval for a debt restructuring that is being blocked by a few creditors.
The Russian conglomerate is a major investor in Jamaica’s bauxite/alumina sector.
Without the extension RusAl, whith earnings hit by a slump in aluminum prices, would have faced default on July 7.
RusAl said 94 per cent of lenders had backed the restructuring, but in the absence of unanimous support, it would apply to UK courts to approve a scheme of arrangement to implement the debt deal.
The world’s top aluminum producer said schemes of arrangement through British courts had become an important restructuring tool.
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RusAl gets reprieve to pursue refinancing
