07 June 2004 06:55
GAZ to restructure euro debt
NIZHNY NOVGOROD. June 7 (Interfax) - Gorky Automotive Works (GAZ), which is part of Ruspromavto, a major grouping of
Russian auto companies, is to restructure its debt on funds received from a Nizhny Novgorod regional euroloan,
Ruspromavto General Director Alexander Yushkevich told the press.
Restructuring talks with the Nizhny Novgorod regional government are almost complete and Ruspromavto sees
"favorable relations towards GAZ from the regional authorities," he said.
On March 1, 2004, GAZ had past-due debt on the euroloan of $10.84 million, including $5 million in principal debt,
$963,67 in interest and $4.873 million in interest for past-due payments, according to the regional Finance
Ministry.
The regional authorities are also holding talks with GAZ on restructuring its debt on a $5.5 million loan, which the
plant received from funds allocated to Nizhny Novgorod region by a syndicate of foreign banks in 1998.
The regional Finance Ministry would like GAZ's debt to be restructured before 2007. [RU ASIA EUROPE EEU EMRG AUT
EUB LOA] rm me
[Interfax] |
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