Rusal, the largest aluminum producer in the world, which is struggling under $16.7 billion in debt, has agreed with about 70 banks to restructure its loans and begin repayments when earnings improve, the company said Thursday, The New York Times/em> reported. The deal, apparently on lenient terms for Rusal and its owner, the Russian oligarch Oleg V. Deripaska, also clears the way for Rusal to take the next step back from the brink of bankruptcy: selling 10 percent of the company in an initial public offering this month. The deal, while troubling for its scale and potential losses for banks, is thought to set a precedent within Russia for other companies deeply in debt to Western creditors. It suggests that banks for now are more inclined to roll over bad debt owed by often opaque Russian companies rather than rely on Russian courts to sort out claims in bankruptcy court. The move pushes into the future the need to sort out good loans from bad in the mountain of debt. Read more.