GAZ, the Nizhny Novgorod-based producer of light commercial vehicles, is planning to sign an agreement with the European Bank for Reconstruction and Development (EBRD) to restructure its debt, according to Russian media reports. Sources say that the company hopes to sign the deal by July.

The EBRD gave a GAZ a large loan in 1997 and it is reported that GAZ owes EBRD around US$65 million, but stopped servicing loans in 1999 due to financial problems.

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The company’s Gazelle van – which bears more than a passing resemblance to the last generation Ford Transit – has been a top seller in Russia’s light duty commercial vehicle market.

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