Deripaska May Lose Rusal Control on $14 Billion Debt
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Oleg Deripaska, the billionaire aluminum magnate who was once Russia’s richest man, may lose control of his United Co. Rusal as it buckles under $14 billion of debt and plunging metal prices.
Lenders will meet this week to consider consolidating loans and swapping them for equity, said a banker familiar with the situation who declined to be identified because the talks are private. Rusal said it isn’t considering a swap. The company has until early May to renegotiate $7.4 billion owed to more than 70 foreign banks including ABN Amro Holding NV, Citigroup Inc., BNP Paribas SA and Merrill Lynch & Co.