Embattled Russian tycoon Oleg Deripaska is close to agreements to restructure his companies' multibillion-dollar debts that should allow his empire to survive without losing control of its major assets, a top lieutenant said in an interview.

"We're now in the position where, except for a few difficult situations, we think the businesses will make it," Olga Zinovieva, first deputy chief executive of Mr. Deripaska's Basic Element holding company said. "The acute phase is past, and if we sign binding documents with creditors, the situation will be normalized and the businesses will get through it calmly."