Deripaska seeks $2 billion for debt refunding

Oleg Deripaska urgently needs over $2 billion to refinance his debt to foreign banks, reports Financial Times. The Russian billionaire has to settle the payment obligation until the end of October; otherwise, his 25% stake in Norilsk Nickel will be passed to the creditors. The loans taken out by Deripaska to expand business have already forced him to sell his stakes in foreign companies, namely in Canadian Magna and German Hochtief. UC RUSAL, owned by Deripaska, failed to fulfill debt obligations in September, though was granted a month delay in payment by BNP Merrill Lynch, Credit Suisse and Royal Bank of Scotland. source:www.rosfincom.ru