/KASE, January 12, 12/ - ABDI Company (Almaty) has by an official letter
informed Kazakhstan Stock Exchange (KASE) of a delay in payment of the
fourth coupon interest on bonds KZ2C0Y05C804 (KZ2C00000743, KASE official
list, buffer category, ABDIb1; KZT10,000, KZT9.0 bn; January 8, 2008 - January
8, 2013; semi-annual coupon indexed at inflation rate, 8.80 % APR in the reporting
coupon period).
According to the issue prospectus of the said bonds, JSC "ABDI Company" has to
pay this interest in the period from January 8 to 17, 2012.
In its letter, JSC "ABDI Company" says as follows:
quote
As of today, the main creditors of the Company are JSC "Bank CenterCredit"
(hereinafter, the Bank) and bondholders (JSC APF "Ular Umit", JSC "APF
GNPF", JSC APF "Industrialniy Kazakhstan" (formerly, JSC APF "Kazakhmys"),
JSC "APF Astana").
Starting from 2009, based on the Company's financial circumstances, the Bank
decided to defer payment of principal and interest from January 2010. That delay
expires in January 2012.
Upon the Bank's initiative and with support of the Creditors Committee, a decision
was taken to let the Company participate in the Government Program of Post-
Crisis Recovery (rehabilitation of competitive enterprises), which was obtained
with support of the Legal Entities Union "Association of Kazakhstan's financiers"
on October 24, 2011.
Currently, the Company is awaiting an expert conclusion from the industrial
authority; at the same time, an independent advisor, LLP "Deloitte TSF" is
developing a financial model of rehabilitation for the Company, which will
consequently be agreed on with all Creditors.
The deadline for joining the Program is March 1, 2012, taking into account time
required by the Commission.
Therefore, the main creditor - the Bank - has recommended us to commence
negotiations with bondholders as on restructuring the debt.
The interest for the fourth coupon period makes up KZT308,740,960.00.
Withdrawing this amount from the Company's working capital will entail worsening
of its financial stand and may end up in a failed sales season.
Taking into account the above-mentioned, we notify you that payment of interest
for the fourth coupon period cannot be carried out due to the complicated
financial circumstances of the Company.
unquote
The list of companies who committed default on their bonds is available on KASE
website, in section "Issuers" (tab "default"), at
http://www.kase.kz/ru/emitters
KASE reminds that in accordance with the internal document "Rules on Release
of Exchange Information" it does not assume responsibility for accuracy of the
information it spreads in regard of KASE members and issuers listed on KASE, if
such information is based on messages and documents, received from such
members and issuers in pursuance with their obligations before the Exchange. At
generation of such information KASE does not check accuracy of the messages
and documents. The person, willing to disprove the information released in this
message, must address to KASE with a corresponding official letter.
[2012-01-12]