OREANDA-NEWS. June 25, 2010. SOLLERS announces that it has repaid its first loan, taken out last year by the group under a guarantee of the Russian Federation. The company has repaid, ahead of schedule, credit of 1 billion roubles, taken out by OAO SOLLERS from VTB Bank in August 2009, for the period of two years. As security for this loan the company obtained a state guarantee of 500 million roubles. Settlement of this loan means that the state guarantee has ended ahead of schedule and corresponding debt obligations of the federal budget of the Russian Federation have also ended.

SOLLERS General Director Vadim Shvetsov announced that the company would continue to make loans, guaranteed by the state, repayment a priority. "Obtaining state guarantees for loans this year was one of the key points of state support which enabled SOLLERS enterprises to remain financially stable and to guarantee continued production during a very difficult period of floating assets deficit. Now, as demand in the automobile market is recovering, and there is an increased availability of other financial instruments, we are ready to, as a priority, fulfil our obligations towards the state and banks who gave us credit", remarked Vadim Shevtsov.

In 2009 SOLLERS Group took out state guaranteed loans worth 10 billion roubles and the state guarantee was 5 billion roubles. As well as repaying loans to VTB Bank, OAO SOLLERS also took out a loan for OAO SOLLERS-Naberezhnye Chelny of 700 million roubles (state guarantee 350 million roubles) and for the Ulyanovsk Automobile Plant (UAZ) of 3.3 billion roubles (state guarantee 1.65 billion roubles). In addition, the Ulyanovsk Automobile Plant obtained a loan from Sberbank Russia of 5 billion roubles, with a state guarantee of 2.5 billion roubles.