Russia’s Alfa Bank has agreed to restructure the debt of GAZ Group following the signing of an agreement.

Although the bank gave no indication as to the size of the debt, according to reports late last year, GAZ Group owed about RUR8bn (USD266.3m) to Alfa Bank.

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In September last year GAZ Group signed a debt restructuring agreement with all of its creditors except for Alfa Bank. GAZ Group’s total debt amounted to RUR39bn (USD1.3bn) at that time. The loans were extended for five years, the payment of the principal amount was postponed for two years and the payment of interest was postponed for six months.

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