Russian tycoon protects empire

NEW YORK: Russian tycoon Oleg Deripaska is close to agreements to restructure his companies' multibillion-dollar debts, The Wall Street Journal reported yesterday, citing a senior official within Deripaska's Basic Element holding group.

Such agreements should allow Deripaska's empire to survive without losing control of its major assets, the paper cited the official as saying.

"We're now in the position where, except for a few difficult situations, we think the businesses will make it," said Olga Zinovieva, first deputy chief executive of Basic Element.