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Deripaska Seeks to Refinance Olympics Port Loan, Vedomosti Says

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.

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