Kazakhstan’s Imstalcon misses coupon, fails to repay bonds at maturity

By Marisa Wong

Morgantown, W.Va., Oct. 14 – Imstalcon JSC did not make the 14th coupon payment on its bonds due Oct. 8, 2016, according to a Kazakhstan Stock Exchange notice.

The company also failed to repay the KZT 962,326,500 of principal on the bonds.

The missed coupon, in the amount of KZT 72,174,488, was for the period from April 9, 2016 to Oct. 8.

The company said it is incapable of paying interest on the bonds, because it is prohibited from making asset disposals (including cash) under a court decision in January 2016.

Imstalcon makes and installs steel structures and is based in Almaty, Kazakhstan.

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