/KASE, January 28, 10/ - Alliance Bank (Almaty) informed Kazakhstan Stock
Exchange (KASE) the bank would delay payment of the seventh coupon interest
on subordinated bonds KZPC4Y07B576 (ASBNb7; KZT1,000, KZT5.0 bn;
24.07.06 - 24.07.13, semiannual coupon 8.50 % APR; 30/360).
According to the bond prospectus Alliance Bank had to pay the coupon on
January 25, 2010. The prospectus specifies "in case of default on the sum
payable to bondholders under the Prospectus, the issuer must pay to
bondholders the principal and the fine for each day of delay, computed on the
basis of the official rate of the Kazakhstan National Bank as on the day the
obligations or a part thereof must be honored".
The bank informed:
Quotation begins
Herewith Alliance Bank (the Bank) is informing the Bank failed on
January 24, 2010. The Bank failed did not pay coupon on bonds of the fourth
issue under its first bond program (NIN KZPC4Y07B576) in accordance with
Almaty special finance court decision No. 2-21/2009 dated September 18, 2009
on the bank restructuring. The decision read to suspend compliance with bank
creditors' financial debt claims, which are to be restructured came into effect.
The bonds of the abovementioned issue are subject to restructuring.
Therewith we inform, in accordance with the Restructuring plan, the bank stopped
on November 26, 2009 accruing interest on bonds that are subject to
restructuring. As on November 26, 2009 KZT144,027,777.78 of interest was
accrued in regard of the bonds of the fourth issue under the first bond program,
5,000,000 bonds were placed, including 33,800 bonds redeemed by the bank.
Ends
Earlier KASE released news on September 22, 2009 "Special financial court of
Almaty approves Alliance Bank debt restructuring" -
http://www.kase.kz/en/news/show/1083801
Currently twelve companies listed on KASE informed of insolvency to fully or
partially comply with obligations on their bonds. The list of listing companies,
that admitted default on bonds, is available at the KASE website at section
"Issuers" ("default") at
http://www.kase.kz/en/emitters
KASE reminds 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
[2010-01-28]