Alliance Bank completes USD1.3 bn indebtedness restructuring transaction

18.12.14 18:23
/KASE, December 18, 14/ – Alliance Bank JSC (Almaty), whose securities are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with the following press-release of December 16: quote JSC Alliance Bank (the "Bank") is pleased to announce that on 15 December 2014 (the "Restructuring Date") the Restructuring Plan (the "Plan") of the Bank in relation to the U.S.$1.3 billion of the Bank’s financial indebtedness has been successfully closed, subject to the formal termination of the restructuring proceedings by the Specialised Inter-district Economic Court of Almaty (the "Court") which is expected later this year. The Plan had previously been approved by creditors holding approximately 90.5 per cent. of the financial indebtedness subject to the Plan on 19 November 2014 and by the Court on 11 December 2014. On the Restructuring Date the Bank distributed entitlements to approximately 75 per cent. of all Noteholders. 90.7 per cent. of holders of the Discount Dollar Notes due 2017, 99.1 per cent. of holders of the Discount Tenge Notes due 2017, 89.8 per cent. of holders of the Par Dollar Notes due 2020 and 81.7 per cent. of holders of the Recovery Notes received their entitlements on the Restructuring Date. Holders of the Par Tenge Notes due 2020 and Subordinated Tenge B Notes due 2030 have not yet received their entitlements because they must pass Extraordinary Resolutions cancelling the relevant series of Notes in order to receive entitlements. The first meetings to approve this resolution took place on 12 December 2014 and were inquorate for both series of Notes. The adjourned meetings will take place on 9 January 2014 and, if the Extraordinary Resolutions are passed at such adjourned meetings, it is expected that holders will receive their entitlements on 12 January 2015. unquote The full press-release is available on KASE website in Russian at http://www.kase.kz/files/emitters/ASBN/asbn_reliz_161214.pdf [2014-12-18]