The Vologda Region Arbitration Court has reportedly approved an amicable settlement of automaker GAZ Group’s 288.1m rouble debt to steel maker Severstal.
Prime-Tass reported that GAZ Group has repaid 133.3m roubles to Severstal and is to repay the remaining 154.8m roubles in three installments by May 31, under the agreement.
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Severstal filed a lawsuit with the court in December 2008 demanding that GAZ Group repay its debt for steel supplies.
