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AvtoVAZ Gains to Six Week High on Debt Restructuring

OAO AvtoVAZ climbed to its highest in almost two months after Russia’s biggest automaker said it would soon complete its debt restructuring.

The stock closed 6.5 percent higher at 15.40 rubles in Moscow, its highest since Jan. 12.

AvtoVAZ will complete the restructuring “within days,” Chief Executive Officer Igor Komarov told reporters in Moscow yesterday. Renault SA plans to keep its 25 percent stake in the company and has confirmed that it will contribute its share of investments, Komarov added.

Carlos Ghosn, chief executive officer for Renault, France’s second-largest automaker, said yesterday that his company will spend 6 billion rubles ($200 million) to double production at its Avtoframos factory in Moscow.

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