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. Last Updated: 07/27/2016

Deripaska Seeks Debt Extension

Indebted billionaire Oleg Deripaska will ask lenders for another two to five years to repay debts incurred by companies within his Basic Element holding group, Basic Element first deputy general director Olga Zinovyeva said Tuesday.

Zinovyeva said the total debt accumulated by those companies in which Basic Element owns a stake was about $20 billion.

"We are not asking banks to lower their rates, but we are talking about prolonging loans for a period of two to five years," Zinovyeva said in an e-mailed response to questions.

"In some instances, we are discussing the possibility of granting a grace period," she said.

Basic Element, or Basel, controls assets including United Company RusAl, the world's top aluminum producer, auto maker GAZ, several energy, construction, aviation and insurance firms and other companies.

Zinovyeva said Basel's total debt was lower than $20 billion, because the group does not own 100 percent of all of these companies.

"Many of our companies have a comfortable debt level and some, like Ingosstrakh, do not have any debts," she said.

She said, however, that RusAl had debts of $16.8 billion. Of this, $7.4 billion is owed to foreign banks, $4.5 billion to VEB and $2.1 billion to other Russian banks.