Russia is set to approve loan guarantees worth US$629m for troubled carmaker GAZ, which is part of a consortium slated to buy GM unit Opel, Vedomosti business daily reported on Wednesday.

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A government committee approved the 20bn rubles (EUR453m) in loan guarantees on Tuesday and the proposal was set to be approved by the cabinet this week, Vedomosti quoted officials as saying, according to AFP.


GAZ, owned by crisis-hit Russian billionaire Oleg Deripaska, has been hit by the global auto slump and needs to restructure debts of more than $1.2bn with 12 Russian banks including state lender Sberbank.


Sberbank, GAZ and Canadian auto parts maker Magna International have made a joint bid that is favoured to buy Opel from General Motors.

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