GAZ Group agreed terms over its debt restructuring with some of its lenders, according to local reports.

The business daily Vedomosti, citing banking sources, said terms had been reached with banks that included Sberbank, Gazprombank, UralSib and Absolut Bank.

A source close to GAZ Group said that Sberbank, Gazprombank, and VTB Bank had already approved the terms of the loan restructuring. GAZ Group has not yet signed any agreements with the banks, sources said.

The size of the debt that GAZ Group has agreed to restructure was unclear.