GAZ Group's debt to banks currently amounts to 42bn rubles, Valery Shantsev, governor of the Nizhny Novgorod Region, told Prime-Tass on Tuesday.

GAZ Group is based in the Nizhny Novgorod Region. Shantsev said the group had signed restructuring agreements with 11 out of its 13 creditor banks.

He also said that he expected the group to become profitable in June.