WRAPUP 2-Russian tycoon Deripaska nears debt deals

* RUSAL in talks with foreign creditors, eyes deal * En+ to extend $1 bln debt repayment to end-2013 * Alfa-Bank agrees to join GAZ debt restructuring (Adds quotes from Alfa-Bank, RUSAL source) By Polina Devitt and Gleb Stolyarov MOSCOW, July 29 (Reuters) - Embattled Russian magnate Oleg Deripaska was close to winning debt reprieves for several of his firms on Wednesday, as lenders agreed to restructure billions of dollars in debt accrued by his aluminium-to-autos empire. Creditors of United Company RUSAL were due to meet in Paris to vote on a restructuring deal offering the world's largest aluminium producer a maximum seven-year extension on repayment of its $7.3 billion debt to more than 70 international banks. En+ Group, which manages the aluminium giant as well as assets in the oil sector, said earlier on Wednesday it had secured a separate extension on repayment of $1 billion in debts until the end of 2013. "We expect to be able to successfully complete the debt restructuring process and sign a new loan agreement within the next two months," En+ General Director Vladislav Solovyov said. Deripaska's fortune, the biggest in Russia a year ago, has been shredded by the sharp decline in commodity prices that left the country's billionaires badly exposed to loans taken out when markets peaked. Foreign lenders, wary of Russia's investment climate, are reluctant to inherit assets in lieu of repayment and view a successful conclusion to RUSAL's restructuring talks as a gauge for Moscow's ability to manage its $475 billion foreign debt. Creditor bank sources told Reuters on Tuesday the proposed deal with UC RUSAL obliges the aluminium company to sell its one-quarter stake in mining giant Norilsk Nickel (GMKN.MM) to cover debts to state banks, including $4.5 billion owed to VEB. The sale will be triggered by a price formula in a deal that also requires UC RUSAL to pay a minimum $7.5 billion over four years to Russian and foreign creditors. [ID:nLS604685] A source with knowledge of the talks in Paris said UC RUSAL had won an extension on its current standstill agreement until Sept. 18 in order to give bankers enough time to study a large number of documents received in the last 24 hours. UC RUSAL's spokeswoman declined to comment. ALFA AGREES ON GAZ DEBT A sticking point in the restructuring process has been opposition by Alfa-Bank, controlled by billionaire Mikhail Fridman, to some of the plans. The bank brought a case against En+ Group to courts in Jersey and Cyprus. [ID:nLB941862] But in a sign Alfa's stance might be softening, the bank's deputy chief executive said on Wednesday it might be prepared to restructure debts owed to it by another of Deripaska's companies, car maker GAZ GAZA.MM. "Alfa-Bank does not rule out restructuring the debts of GAZ Group," Vladimir Tatarchuk said through the bank's press service. This would allow GAZ to strike a deal with all its creditors, another company representative added. President Dmitry Medvedev warned Russian banks in March against destroying large, crisis-hit companies. In a speech in front of Deripaska and other business leaders, he called for an end to "corporate egoism". A source close to Alfa-Bank said GAZ owed the bank more than 200 million roubles ($6.5 million), a relatively small amount. UC RUSAL has amassed total debts of $16.8 billion. Its proposed restructuring deal is tied to the price of aluminium on the London Metal Exchange. "We are cautiously optimistic about the trends in the aluminium and oil derivatives markets -- the key markets for En+ Group companies," Solovyov, the group's general director, said. En+ controls over 60 percent of Deripaska's business interests and its debt restructuring agreement will involve around 40 banks. "The co-ordination committee of lenders has endorsed the restructuring term sheet and distributed it to the banks," Solovyov said. "The next step will be getting the approval of the term sheet by En+ Group's lenders. ($1=30.64 Rouble) (Writing by Robin Paxton; Editing by David Cowell and Rupert Winchester)