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. Last Updated: 07/27/2016

RusAl Held Talks With Libyans

United Company RusAl had been in talks with the Libyan Investment Authority over the possibility of selling it a 10 percent stake, Britain’s The Times reported Monday.

RusAl said Friday it had secured another extension on restructuring billions of dollars of debts to foreign and domestic banks.

The Times said there had been “active” discussions over a possible stake sell to LIA.

“However, RusAl became frustrated at the lack of progress and the slow speed at which officials in Tripoli operated and has walked away,” the paper said, without revealing its sources.

It added that LIA was unavailable for comment.

“In the framework of restructuring its debts, RusAl has been in contact with various financial organizations and investment funds, and is considering various options in terms of attracting capital, including a possible IPO,” RusAl spokeswoman Vera Kurochkina said.

“We do not comment on the details of our negotiations,” she added, when asked specifically about any talks with LIA.

RusAl is in talks to restructure about $7.4 billion of debts to foreign banks.

It also owes some $4.5 billion to Russia’s state-run VEB bank and $2.1 billion to other local banks.