17 Sep 2010 14:34

No Sberbank decision on RussNeft credit restructure

SOCHI. Sept 17 (Interfax) - Sberbank of Russia has made no decision on a possible credit restructure for RussNeft , the bank's chief German Gref said at the economic forum in Sochi on Friday.

"We are negotiating, but no decision has yet been made," Gref said, adding that he had been surprised by media reports that the credit had been restructured.

Sberbank is RussNeft's main creditor - the company owing the bank $3.8 billion.

The head of AFK Sistema, Leonid Melamed (he and the company each own 49% of RussNeft, while Sberbank holds the remaining 2%), told reporters on September 15 that the restructuring of RussNeft's debt was in the final stages. "The RussNeft debt restructuring is in the final stage. All of the interested parties are included in the process: RussNeft creditors and shareholders," Melamed said.