OREANDA-NEWS. March 01, 2010. Alliance Bank(Almaty) informed Kazakhstan Stock Exchange (KASE) by the official letter on delay of the sixth coupon interest and principal payment on bonds KZPC6Y03B570 (ASBNb9; 1,000, KZT10.0 bn; February 23, 07 - February 23, 10, the semi-annual coupon 8.00 % APR; 30/360), reported the press-centre of KASE.

According to these bonds issue prospectus Alliance Bank was to pay this interest on February 23, 2010. The prospectus specifies that "in case of default on payment or incomplete payment at fault of the Issuer of coupon interest and/or the principal in the terms set with the Prospectus, the Issuer shall pay bondholders fines for each day of delay, on the basis of the official refunding rate of the National Bank of the Republic of Kazakhstan as of the day of money obligation or its part fulfillment".

In the letter Alliance Bank informed that:

Hereby Alliance Bank (hereinafter - the bank) informs that the bank did not pay the coupon interest on and did not repay the debt on bonds KZPC6Y03B570 due to the effect of Almaty Special Financial Court decision # 2- 21/2009 of September 18, 2009 on Alliance Bank restructuring, according to which the Bank creditors claims satisfaction was suspended as these bonds are liable to restructuring.

In addition, in compliance with the restructuring plan from November 26, 2009 the Bank stopped adding the interest on bonds liable to restructuring.

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As previously informed the mentioned bonds were removed from the KASE official list from February 23, 2010 due to circulation terms expiry.

Previously KASE published the similar news of September 22, 2009 "Special financial court of Almaty approves Alliance Bank's debts restructure" - http://www.kase.kz/en/news/show/1083801