Kazakhstan's TuranAlem's noteholder restructuring vote postponed

By Caroline Salls

Pittsburgh, May 13 - TuranAlem Finance BV's May 7 noteholders meetings to vote on the company's restructuring plan were adjourned to May 24 because of lack of a quorum, according to a news release.

Under the extraordinary resolution to be considered at the meeting, holders of TuranAlem's £200 million of 7 1/8% notes due 2009 and $1 billion of 8¼% notes due 2037 will be asked to approve the restructuring plan.

The noteholders are also being asked to instruct the notes trustee to vote the full amount of the notes in favor of the restructuring plan or related scheme of arrangement at a claimants' meeting in the same proportions as votes cast by the noteholders and to instruct the trustee, upon request of the notes guarantor JSC BTA Bank, to accelerate the notes and demand payment under the guarantee.

TuranAlem's parent company BTA Bank JSC is based in Almaty, Kazakhstan.

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