RUSAL, which is the world’s largest aluminum producer, has earlier applied to the London and Jersey courts for the first time in Russia’s corporate history for debt restructuring after failing to win unanimous support from its creditors.
The date of holding the creditors’ meeting was not specified in the statement. The Royal Court of Jersey will hold a hearing on July 15 on RUSAL’s request for the creditors’ meeting convocation.
By now, RUSAL’s request for debt restructuring has received support from 94% of the company’s creditors and the aluminum giant is currently negotiating the deal with the remaining 6%. RUSAL still needs to agree on a $3.6 billion restructuring deal with banks.
RUSAL has aluminum assets in 13 countries. The company integrates 34 enterprises. The aluminum giant’s core shareholders are En+ controlled by Deripaska (48.1% of shares) and ONEXIM Group of Russian billionaire Mikhail Prokhorov (17.02%).