4 billion agreed with the debt restructuring plan

A hand ul o days o its introduction on the stock market, the world leader in aluminum, the Russian Rusal, obtained the restructuring o its debt o 16.8 billion o approximately 70 inancial institutions which ha e granted loans. Yet, the operation was not easier, gi en the extent o the obligations which the irm headed by Tycoon Oleg Deripaska has aced ($ 5 billion to be repaid in the next our years).

The period is also not supporti e. O aluminium and metals markets in particular are ound the orm rom be ore the inancial crisis. In addition, Rusal prepares its introduction on the stock market in Hong Kong and Paris. It will o er 10 o the capital with the objecti e to collect more than 2 billion to quali ied in estors. Introduction should not encounter major obstacles a ter the agreement with the banks. There ore, it is likely to be realized dans times desired by the company, pre erably be ore the end o year esti ities.

The postponement to December 3 o the erdict o the regulator o Hong Kong, in charge o the super ision o the uture main square o rating o the new shares o the grey metal giant, is not, in itsel , a negati e signal or the company. The record o the introduction was iled there one month to three usually. The size o the group is also an element which requires a care ul look or a little customary regulator such as Hong Kong, o the introductions on the stock market to oreign irms.

The power ul sponsors o Rusal, Credit Switzerland, Bank o a airs ery linked to the Swiss trader Glencore, shareholder important (10 o capital) o Russian group and BNP Paribas, engaged or a long time in the inancing o industrial projects o the latter, ha e weighed hea ily in the balance, both in Hong Kong to Paris. More in any case that the current judicial ad entures o Oleg Deripaska. More also as concerns in the inancial community by the huge debt o Rusal. According to our in ormation, the aluminium producer is preparing to announce in the next ew hours, that all o the creditors in dollars (loaned $ 7.4 billion) agreed with the debt restructuring plan. An essential condition to li t the last roadblocks to the issuance o shares. Other close group in ormants certi y that the prospect o the introduction on the stock market is strong interest unds and Asian companies.

Sa ings programme

The adoption o this plan gi es Rusal su icient time to wait with a certain serenity that the grey metal market ound colors. The risk o a serious incident with its creditors are o ercome. At least or one year. His sa ings (1.1 billion in 2009) programme is carried out to date to about 70, pro ides the company. Return to pro its in the second hal is acquired, said a source close the Moscow group. And, by 2010, capital spending should be relati ely contained, because o the same order as in 2009: $ 500 million approximately.

On these bases, Rusal, next year should ha e 3 to 4 billion in cash to keep its commitments on restitution o loans (approximately $ 1.5 billion), in est in its modernization and continue its acti ities in normal conditions. A ter the debt restructuring agreement, the mining and metallurgical company should not ha e di iculty in these unds.