Alliance Bank announces meeting on November 19, 2014 with financial creditors for approval of Bank Restructuring Plan

17.10.14 11:55
/KASE, October 17, 14/ – Alliance Bank JSC (Almaty), whose securities are officially listed on Kazakhstan Stock Exchange (KASE), today provided KASE with the following press-release of October 14, 2014: quote JSC Alliance Bank (the "Bank") is pleased to announce that it will be holding a meeting of certain of its financial creditors (the "Claimants' Meeting") on 19 November 2014 to approve the Bank's Restructuring Plan. The Bank has published an Information Memorandum dated 13 October 2014 which contains detailed information about the Restructuring Plan, as well as a description of the procedures for creditors to vote on the Restructuring Plan and submit claims. Please note that holders of the Bank's debt securities ("Noteholders") may use the voting process set out for the Noteholders' Meetings as previously announced and do not need to submit claims or vote in person at the meeting. The Information Memorandum is available on the Bank's website at www.alb.kz/en/investor_relations , to eligible persons after completion of specified certification procedures. Under the Restructuring Plan, the claims of certain of the Bank's financial creditors will be cancelled or restructured, in consideration for which most of such creditors will receive a combination of cash and new debt and equity securities of the Bank. Details of the terms of the new securities are contained in the Information Memorandum. The Restructuring Plan requires the approval of creditors holding two-thirds of the indebtedness subject to the Restructuring. The Bank has issued notices of meetings of Noteholders to be held on 31 October 2014. Noteholders will be asked to pass extraordinary resolutions to approve the Restructuring Plan and instruct the Trustee to vote on their behalf at the Claimants' Meeting. If the original Noteholders' Meetings are not quorate, adjourned Noteholders' Meetings will be held on 14 November 2014. unquote The full press-release is available on KASE website in Russian at http://www.kase.kz/files/emitters/ASBN/asbn_reliz_141014.pdf [2014-10-17]