OREANDA-NEWS. June 02, 2009. Vnesheconombank has approved the main principles for restructuring bail-out loans and decided to extend them for a year on the same terms, but not addressed precisely the USD 4.5 bn loan to Rusal, the bank’s chairman said.

“The Supervisory Board approved today the guidelines and approaches to be used for borrowers which face difficulties. If necessary, a one-year extension period will be offered in the event of unconditional performance of obligations which borrowers assumed under the original credits and original formats of repayment and servicing of this debt”, Vladimir Dmitriev said at a briefing.

The state allocated USD 50 bn to Vnesheconombank to refinance external liabilities of Russian companies and banks due to the crisis. However, VEB managed to float only USD 10.5 bn after which the program was closed. Rosneft repaid the loan ahead of schedule and Rusal is expected to restructure its debt. When asked whether a loan for Rusal was discussed, Dmitriev responded negatively.