GAZ Group reportedly has offered to make the first payment of 500m rubles on a defaulted 5b ruble bond issue in April-June.

GAZ has offered to pay the remaining amounts in December and in 2010 but no agreement with bondholders has been signed yet, a Raiffeisenbank representative told business daily Vedomosti, according to Prime-Tass.

GAZ offered the restructuring terms following a proposal from Raiffeisenbank, the report said. It defaulted on the buyback offer for the bond issue on 12 March.