Ministry of Industry and Trade promises 16 billion rouble state guarantees to GAZ Group
On Tuesday, GAS, which is facing financial problems due to the poor market, announced its plans to refinance syndicated loans of VTB and Sberbank for 33.25 billion roubles secured on the property for 89 billion roubles. As a part of these loans restructuring, the Board of Directors approved a five-year loan for 33.25 billion roubles at the rate of not less than 12.25% per year.
The company, which addressed to the government of the Russian Federation for the state guarantees for the restructuring of its loans in Spring, reported that failed to implement some covenants, so, the creditors got the right for early extinguishment of debt of 55.17 billion roubles. According to the report, in April, GAZ conformed renunciation of early call of 41.1 billion roubles with banks and was negotiating on the remaining debts.
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