"UC Rusal" plans to hold a vote of the creditors on restructuring on September, 8.

"UC Rusal" plans to hold a vote of the creditor banks for the approval of its restructuring terms on September 8, the aluminum company stated.

The voting was made possible after the Jersey Royal Courts allowed the procedure on Tuesday, followed by the High Court in London, which adopted a similar decision on July 10th. The reference to court was required by "UC Rusal" because the terms of the restructuring of the syndicated lenders have not received the necessary approval of 100% of the votes of the creditor banks.

"UC Rusal" clarifies that the conditions were agreed by an overwhelming majority of the creditors.

In order to obtain the approval of the restructuring plan, "UC Rusal" must be supported by at least 75% of creditors on the amount of debt and the majority of the creditors in the number of banks.