2009

GAZ Group has signed definitive agreements on debt restructuring with 21 creditor banks, including the syndicate of foreign banks. However, completion of the transaction that is unprecedented for the Russian market is hindered by Alfa-Bank which has been delaying signing of the agreement with GAZ Group since late July, when agreement in principle on the terms of restructuring was reached with the creditor banks.

Chairman of the Board of Directors of OJSC GAZ Bo Andersson has been appointed President of GAZ Group.

Former GM Group Vice-President Bo Andersson has been elected as Chairman of the Board of Directors of OJSC GAZ.

On July 3, 2009 GAZ Group CEO Sergey Zanozin and Victor Klochai, CEO of OAO GTLK, signed agreement on cooperation, envisaging the use of efficient financial lease instrument in supplying the transport sector of the Russian Federation with modern, multi-functional high-technology road equipment produced by GAZ Group for construction and maintenance of federal and regional automobile roads. In the framework of the agreement GAZ Group developed a package proposal, including not only the delivery of a complete model range of GAZ-manufactured special machinery, but also a full complement of after sale services at company's dealerships.