RUSAL plans to sign agreement in June on foreign debt extension

Russia’s United Company RUSAL plans in June to sign an agreement with Western banks to extend U.S. $7.4 billion of debt for a period of seven to eight years, the company said Thursday.

RUSAL also plans to conclude an agreement with state-owned Vnesheconombank, or VEB, to restructure the company’s $4.5 billion debt to the bank. RUSAL has already proposed terms for the possible restructuring of its debt to the bank, it said.

RUSAL owes $14 billion to banks and is to repay $7 billion this year.