Most of Russia’s foreign creditors rejected Russia’s first offer to redeem non-performing debt for something under five cents on the dollar (Deutsche Bank and several others accepted the deal). The latest Russian offer, which expires April 30, would apply about $200 million in cash to about $10.8 billion (280 billion rubles) in debt. Creditors value this deal at no more than a penny on the dollar. Creditors who turn down this “voluntary restructuring,” says the Central Bank, will fare even worse.