Russia's RUSAL re-starts $2 bln HK IPO-sources

* RUSAL dusts off Hong Kong IPO plans - source * RUSAL hopes to raise between $1.5-$2.5 bln - source * Company plans to list in HK by year-end - source (Adds details, background, sourcing) By Michael Flaherty HONG KONG, Sept 28 (Reuters) - Russia's UC RUSAL, the world's top aluminium producer, has re-started plans for a listing on the Hong Kong exchange, seeking to raise around $2 billion at a time when it is trying to pay down a heavy debt load. The company, controlled by Russian magnate Oleg Deripaska, plans to list the initial public offering by the end of the year, according to a source familiar with the matter. But the source said that there were still several key steps the company needed to take before moving ahead with its plans to raise between $1.5 billion and $2.5 billion from the IPO. RUSAL, working to restructure around $16 billion in debt, will likely need approval from both creditors and Hong Kong regulatory authorities before the IPO. The sources were not authorised to speak publicly about the offering. Last week, RUSAL repaid debts worth $85.9 million to Alfa-Bank after the private lender threatened to pursue the bankruptcy of two RUSAL units. RUSAL first pursued the Hong Kong listing late last year before the financial markets dropped. The company could not be reached for comment on Monday. Deripaska, rated Russia's richest man by Forbes magazine before the financial crisis struck last year, is in protracted talks with Russian and international lenders to restructure the debts faced by his various companies. According to the Sunday Times, RUSAL is ready to file a prospectus for a Hong Kong listing, which will value the firm at $30 billion. Directors of Rusal are expected to approve the deal and file an application before week's end if the board approves, the newspaper said on Sunday without identifying its sources. Rusal plans to list 10 percent of its shares in Hong Kong, in an offering handled by Credit Suisse (CSGN.VX) and Goldman Sachs (GS.N), the paper said.