Alliance Bank restructuring plan approved by majority of claimants

By Caroline Salls

Pittsburgh, Dec. 15 - JSC Alliance Bank's restructuring plan was approved by the requisite majority of claimants, according to a news release.

Specifically, claimants holding 94% of the bank's debt that is subject to the restructuring voted in favor of the plan, exceeding the two-thirds threshold required under Kazakhstan's bank restructuring law. The bank said the plan covers more than $4.5 billion of its debt.

According to the release, the plan approved by the claimants will first be submitted to the Agency of the Republic of Kazakhstan for the Regulation and Supervision of the Financial Market and Financial Organizations for their review, which the bank expects to do on Dec. 21.

After that, it will be submitted to the Specialised Financial Court in Almaty for approval, which the bank expects to do on Jan. 5. A final hearing before the Specialised Financial Court is expected to occur on Jan. 20, and all claimants are entitled to appear at this hearing.

In addition, the bank said it expects to make all interest payments due on Dec. 21.

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

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