OREANDA-NEWS. On August 11, 2009 Sberbank of Russia has been mandated by creditors to arrange debt refinancing for GAZ Group, the bank’s press service said, reported the press-centre of FINAM.

“We are working on the issue and hope to receive guarantees from the state before long”, the banks said in a press release.

Earlier, sources at GAZ’s creditor banks said that Sberbank could be appointed to arrange the restructuring and is prepared to syndicate a new loan at 17% with the interest rate to be revised at the end of each year.