Kazakhstan's Alliance Bank restructuring deadline extended to March 15

By Caroline Salls

Pittsburgh, Nov. 30 - JSC Alliance Bank's deadline for completing its restructuring has been extended to March 15 by the Specialized Financial Court of Almaty, according to a company news release.

The bank said a meeting of its creditors is still scheduled for Dec. 15, but the Nov. 27 meeting for noteholders to vote on an extraordinary resolution has been postponed to Dec. 11.

The extraordinary resolution would instruct the notes trustee to vote the principal amount of the notes in favor of or against the restructuring plan and instruct the trustee to demand payment on the notes at the request of the guarantor.

Six separate groups of noteholders will vote on the extraordinary resolution, including holders of the company's $350 million of 9¼% notes due 2013, $250 million of 8¾% notes due 2011, $200 million of 9% notes due 2010, £250 million of 9¾% notes due 2011, $150 million of 9 3/8% perpetual non-cumulative capital securities and €750 million of 7 7/8% notes due 2012.

Alliance Bank is focused on small and medium enterprises and the retail segment. It is based in Almaty, Kazakhstan.

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