Kazakhstan Kagazy to present restructuring proposal to bondholders

By Angela McDaniels

Tacoma, Wash., Jan. 19 - Kazakhstan Kagazy JSC wants to restructure its 15.6 billion Kazak tenge of outstanding bonds, according to a news release from Kazakhstan Kagazy plc.

Under the restructuring plan, the company will seek to defer principal repayments, defer and reduce interest payments and extend the maturity of the bonds.

A proposal outlining the restructuring plan will be submitted to the Kazakhstan Stock Exchange Inc. by Jan. 28. In the meantime, discussions with the group's other lenders are ongoing.

The company said that if the bondholders do not agree to the restructuring plan or if the discussions with the group's lenders do not result in a satisfactory conclusion, the ongoing prospects of the group will be uncertain.

Kazakhstan Kagazy is an industrial group based in Almaty, Kazakhstan.

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