Oleg Deripaska’s embattled UC Rusal said on Wednesday it had reached agreement “in principle” with its foreign creditors to extend a standstill agreement on $7.4bn in debt until July 28, pushing back the deadline from on Thursday.

But several people close to the debt talks said Rusal, the aluminium producer, and the banks were still scrambling to reach agreement on the terms of an extension to the three-month standstill less than 24 hours before it was due to expire.