Russian aluminium giant delays debt deal

Russian metals giant Rusal, the world's biggest aluminium producer, has delayed a deal to restructure its debt with foreign creditors until the end of October, the company said. "The standstill agreement has been extended ... due to the fact that additional time is required to gain the approval of the restructuring terms with such a large amount of international lenders," it said in a statement. Rusal, controlled by Russian tycoon Oleg Deripaska, announced a preliminary deal with its foreign creditors in July to restructure some $7.4 billion (R55.6 billion) in debt amid the credit crunch and plunging metals prices. On Friday Rusal said it also expected a deal to restructure some $6.6 billion in debt with Russian creditors to be agreed by the end of September. Rusal accounts for around 12 percent of the world's aluminium supply. - I-Net Bridge