Kazakhstan Kagazy in court with Development Bank to reach agreement on loan restructuring

By Marisa Wong

Madison, Wis., March 1 - Kazakhstan Kagazy JSC and Development Bank of Kazakhstan are engaged in litigation over some loan agreements between the company and the bank, according to a Monday press release from the company.

During negotiations with the bank, Kagazy proposed changing the repayment terms based on the company's operating activity and cash flows.

The company has offered to repay all of its obligations in full.

According to the release, Kagazy has committed to meeting Development Bank's most important conditions. The bank, in turn, has reassured the company that it does want to reach an agreement over the restructuring of the loan.

Kagazy is an industrial group based in Almaty, Kazakhstan. The company recently announced the restructuring of its bonds.

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