OREANDA-NEWS. April 29, 2009. GAZ Group, which was unable to repay RUB 5 bn bond debt on time, has reached an agreement with holders of 80% of its debt securities on restructuring, the company said in a press release.

The car maker said Tuesday that owners of bonds worth RUB 3.85 bn had agreed to a scheme which calls for buying back 10% of bonds by GAZ at once and repaying the remaining amount until December 2010. GAZ Group continues discussion with the remaining bond holders. The company plans to wrap up this process before long, the press release says.