UC Rusal yesterday broke its silence on its upcoming initial public offering in Hong Kong, as the heavily indebted Russian aluminium group rebuffed warnings that it is in financial difficulty and presented itself as a play on global economic recovery.
Rusal, controlled by Russian oligarch Oleg Deripaska, is coming to market with gross debt of $14.9bn, after debt restructuring, of which $5bn must be paid by 2013 and the rest due on a “pay as we can basis”.
Artem Volynets, Rusal deputy chief executive, said: “When I was in business school I learnt that high gearing is good.”
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