OREANDA-NEWS. On 09 April 2009 was announced, that Olga Zinovieva, first deputy chief executive officer of Russian billionaire Oleg Deripaska's Basic Element holding company, comments on reorganization talks with banks and a strategy to cope with the world financial crisis.

Basic Element's holdings include a 54 percent stake in United Co. Rusal, the world's largest aluminum producer; 25 percent of Strabag SE, central Europe's largest construction company; more than 60 percent of OAO GAZ, Russia's second- biggest carmaker; and insurer OAO Ingosstrakh.

The different businesses have more than USD 20 billion in debt, according to Basic Element.

Zinovieva, who started the job this month after running Moscow-based Basic Element's financial division, made the remarks today in e-mailed answers to questions.

On restructuring talks with banks:

"Most of our creditors show a constructive approach to negotiations on debt restructuring. The unprecedented crisis in the global economy gives us the right to review the situation as a substantial change of circumstances, which gives us good reason to count on reviewing the terms of our credit accords.

"We are not shirking our obligations. Naturally, all of them will be fulfilled in full -- the question is only the time frame.

"Restructuring talks need to be completed before autumn."

On a change of strategy:

"The crisis caught many of our projects at the liftoff stage, when they were the most sensitive to external factors. These were investments that would make returns within 10 years or more, and many of them we had to close.

"Today we have decided against going ahead with projects that require substantial investments or which cannot pay back the money in a year. For example, in the case of Ingosstrakh we decided against an acquisition in Kazakhstan, but we're building medical clinics.

"Our main task is to preserve the industrial potential accumulated during the last years of economic growth, to preserve factories and their highly qualified personnel. It's in the best interests of all creditors. We are sure that the anti- crisis program, carried out at all our enterprises, will definitely allow us to meet the target."

On GAZ:

"It is enough for GAZ to cut debt by 30 percent for it to be a comfortable level, even in a time of global crisis."

On government bailouts:

"We don't count on money from the government. We count on ourselves. What's really necessary today are general economic stimulus measures, which could fundamentally help everybody."