Bloomberg "Anywhere" Remote Login Bloomberg "Terminal" Request a Demo

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Deripaska Seeks to Refinance Olympics Port Loan, Vedomosti Says

Aug. 22 (Bloomberg) -- Russian billionaire Oleg Deripaska’s Basic Element is seeking to restructure a 3 billion-ruble ($94 million) loan from Vnesheconombank, Vedomosti said, citing unidentified bank and company officials.

The state-run development bank known as VEB issued the loan for construction of a port in the Sochi region for the 2014 Winter Olympics, which has handled only about 25 percent to 30 percent of planned volumes, the newspaper said.

If VEB doesn’t agree to restructure the loan, Deripaska’s company may face a technical default, Vedomosti said, citing a government official involved in preparations for the Olympics.

Basic Element’s press office confirmed the company has applied to restructure the debt and declined to comment further when called by Bloomberg News.

To contact the reporter on this story: Ilya Arkhipov in Moscow at iarkhipov@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.