The head of the Russian Sberbank, German Gref, said that the bank was not ready to restructure the loan to the aluminum producer RUSAL. Sberbank, the main creditor, accounts for 48 percent of RUSAL's net debt. This loan was pledged by RUSAL's shares in Norilsk Nickel.
"There is nothing new. There was not a single proposal that would be acceptable to us," Gref told reporters. RUSAL, the world's largest aluminum producer, has long wanted to reach an agreement with creditors to renegotiate its multibillion-dollar debt. RUSAL hopes to revise the loan rate and maturity. At the same time, the terms of the loan have already been revised and the terms of debt repayment were postponed to 2017.
At the same time, Norilsk Nickel plans to pay off its short-term debt of $ 500 million in 2015. Sergei Malyshev, deputy general director for economics and finance, said the debt would be repaid through free cash flow. According to current quotes, $ 500 million can buy 1.7 percent of Norilsk Nickel shares, which is about 5 percent of all shares in circulation. After the purchase of shares, the company plans to cancel them.
In addition, the company does not plan to borrow further, although Norilsk Nickel has reserve lines of credit from international and Russian banks. Now the company has no need for additional funding.
Sberbank is not ready to restructure the loan to RUSAL
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Azovpromstal® 8 April 2015 г. 12:10 |
