UC RUSAL yet to secure full support for debt freeze

Russian aluminium giant RUSAL said on Monday that most of its creditors back a two-month freeze on $7.4 billion in debts, but creditor sources who have not signed up said a restructuring deal is far from assured.

United Company RUSAL, majority owned by oligarch Oleg Deripaska, said on Monday it had secured the support of banks covering more than 80 percent of the debt owed to international banks under a standstill agreement it announced on Friday.

"The process of uniting the banks is in full swing," said company spokeswoman Vera Kurochkina.

A source close to UC RUSAL said 75 percent approval was sufficient for the company to sign the agreement, triggering the point at which it could be sent out to banks for signing.

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