BTA Bank subsidiary Temirbank (Kazakhstan) restructuring plan is approved by Almaty Special Financial Court

13.05.10, 16:53
/KASE, May 13, 10/ - BTA Bank subsidiary Temirbank (Almaty), securities of which are present in Kazakhstan Stock Exchange (KASE) official list, the following press release: quotation starts JSC Temirbank (the "Bank") is pleased to announce that the Specialised Financial Court of Almaty has approved by its decision dated 29 April 2010 the restructuring plan of the Bank. The decision of the Specialised Financial Court of Almaty will come into force on 12 May 2010 provided that prior to that date it is not appealed in the manner established by Kazakhstan legislation. The restructuring plan of the Bank was approved by the required majority of Restructuring Creditors at the Creditors Meeting dated 31 March 2010 and agreed with the FMSA on 9 April 2010 as previously announced. The Bank is now preparing for completion of the restructuring, including the distribution process, as set out in its Information Memorandum dated 22 February 2010, Supplemental Information Memorandum dated 9 March 2010 and Second Supplemental Information Memorandum dated 11 March 2010 (together, the Information Memoranda). As described in the Information Memoranda, the Bank will in due course announce when the Restructuring Date, and therefore the Distribution Record Dates and Distribution Submission Deadlines, will occur. The Bank refers its Restructuring Creditors to the Information Memoranda where the importance of these dates, and the related actions which relevant, eligible Restructuring Creditors will be required to take by those dates if they wish to receive New International Notes, Equity Interests or New Secured Domestic Notes (as relevant) rather than the Net Proceeds of Sale (if any) of them, is explained. As before, all retail and commercial deposits (with the exception of certain related party deposits) and the bank's other operating liabilities, including advisors' fees will be excluded from the restructuring. Deposits will continue to operate in the normal way and will not be subject to any discounting or adjustment as a result of the restructuring. Individual depositors continue to be protected under the state system of mandatory guarantees of deposits. In accordance with the relevant legislation of the Republic of Kazakhstan, the bank deposits of individuals in the Bank and other second tier banks are currently guaranteed up to the amount of KZT 5 million. These materials are not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration. quotation ends [2010-05-13]