Azovmash, Ukraine's leading heavy engineering company, has held negotiations with banks-creditors as part of the plan to restructure its credit liabilities, and a draft "Memorandum of Non-Aggression" has been sent to the banks.

According to an open letter written by Azovmashinvest Holding Director Keimpe Reitsma to Mariupol Mayor Yuriy Khotlubei, which has been posted on Azovmash's website, agreements on the extension of payment terms for the period which are enough for restructuring were signed with large banks Ukrainian banks – Ukreximbank, VTB and Subsidiary Bank of Sberbank of Russia.

"Unfortunately, today we cannot reach an understanding with public JSC Alfa-Bank. We continue working," reads the letter.

Reitsma said the company plans to hold a second round of talks in May and expects that the debt restructuring parameters will be reached with all banks and the "Memorandum of Non-Aggression" will be signed.

According to the letter, the company is looking for orders for carriage and heavy engineering in both traditional markets and in non-CIS counties.

The press service of Mariupol Town Council in late April posted a statement written by Khotlubei on its website, where the mayor accused the top managers of the enterprise of inertness, and the shareholder of avoiding settling the problems at the company.