Astana-Finance JSC (Kazakhstan) reported on the restructuring of its obligations
/KASE, September 16, 09/ - Astana-Finance JSC (Astana), the listed company of Kazakhstan Stock Exchange (KASE), today provided KASE with the press release read:
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JSC Astana Finance(hereinafter Astana Finance or the Company) on its behalf and Astana Finance BV hereby informs that on 24 August 2009 the company Ernst & Young Advisory LLP (hereinafter - Ernst & Young) was engaged as a consultant to restructure in order to implement restructuring liabilities of the company. Company Ernst & Young replaced the company JP Morgan Securities Ltd.
The company also enjoys the opportunity provided to announce the establishment of a committee of creditors, led by Nomura International Plc as Coordinator. Astana Finance is confident that the creditor committees is a positive step and looks forward to working with the Committee.
As a result of the continued deterioration of the liquidity position of Company today announced a moratorium on payment of remuneration to all local bonds and loans before the end of the preparation of proposals to restructure the Companies. The company plans to submit proposals for restructuring in the next 6 weeks.
The company has almost completed a review of the loan portfolio, and it expects results for year-end level of provisions against bad and doubtful debts, in the range of KTZ 85 billion* up to KTZ 90 billion.** FSA has informed the Company that, prior to November 15, 2009 to implement the recapitalization to restore capital adequacy.
Below is a link to the presentation of the September 16, 2009, prepared by management, containing the sample unaudited information in support of the updated figures.
In addition, KASE*** announced the possibility of considering the issue of delisting of securities of Company in connection with violation of disclosure requirements, and the company develops a plan of action needed to conform with these requirements in the future. Such a plan will be presented to KASE in the near future.
Those interested in obtaining more information may contact:
Ms. Aigerim Salykova, Director of the Department of Planning and Analysis, JSC Astana Finance, a_salykova@af.kz
Ms. Zhanar Iskhakova, Managing Partner, law firm First Legal, zh_iskhakova@firstlegal.kz
Mr. Keith McGregor, Partner, Ernst & Young, kmcgregor@uk.ey.com
Mr. Timur Pulatov, Partner, Ernst & Young, timur.pulatov@kz.ey.com
* Srednevzveshanny exchange rate of Kazakh tenge to the dollar, the National Bank of the Republic of Kazakhstan on September 16, 2009, amounted to KZT 150,95 for US $ 1.
** Agency of the Republic of Kazakhstan on Regulation and Supervision of Financial Market and Financial Institutions.
*** Kazakhstan Stock Exchange
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