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Russia's VTB wins $66 mln from Deripaska builder

Wednesday, Jul 22, 2009
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MOSCOW, July 21 (Reuters) - Indebted metals tycoon Oleg Deripaska's building company, Glavstroi, on Tuesday lost a 2.1 billion rouble ($66.08 million) lawsuit filed by a major creditor, state bank VTB (VTBR.MM). A Glavstroi unit, Glavmosstroi, is facing three bankruptcy suits, one filed by another major Russian bank, privately controlled Alfa Bank. Glavstroi said late last month it would attempt to raise 10 billion roubles through the domestic bond market to refinance borrowings. Deripaska's investment holding, Basic Element, whose main asset is top world aluminium producer RUSAL, estimated its companies' debts at $20 billion this year. RUSAL is engaged in restructuring talks over $7.3 billion worth of debts to foreign lenders, with the latest standstill agreement due to expire on July 28. (Reporting by Lyubov Shirizhik; writing by Melissa Akin)

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