Basel cuts 50,000 jobs, seeks debt deals by end '09

Newswire

MOSCOW, Oct 30 (Reuters) - Basic Element, or BasEl, the indebted Russian industrial group owned by magnate Oleg Deripaska, hopes to restructure all its units' debts of over $20 billion by the end of 2009, the group's deputy head said. BasEl's Deputy CEO Andrei Yelinson told Reuters Televion in an interview that most of the units have posted profits starting from July 2009 and the group has cut around 50,000 jobs since the start of the crisis. (Reporting by Kirill Sukhotsky and Polina ...

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