OREANDA-NEWS. March 03, 2010. Alliance Bank (Almaty), bonds of which are listing on Kazakhstan Stock Exchange (KASE), provided KASE with a press release, reported the press-centre of KASE:

Alliance Bank is pleased to announce the Almaty special financial court on February 26, 2010 approved the bank's debt restructuring plan.

The approval means the plan became binding for all agents of restructuring and allows for the bank completing the procedures in the specified terms.

After completion of all the procedures the total sum of the debt will reduce from KZT677 bn (USD4.5 bn) (accrued interests included) to roughly KZT150 bn (USD1 bn).

Under the restructuring plan National wellbeing fund Samruk-Kazyna will add to capitalization of the bank in the amount of KZT129 bn acquiring newly issued common shares of the bank for a total of KZT24 bn and converting rights of claim on bank bonds into preferred shares for a total of KZT105 bn.

On February 1, 2010 the Agency of the Republic of Kazakhstan on regulation and supervision of financial market and financial organizations approved the bank's restructuring plan.

On December 15, 2009 the Restructuring plan was approved at the meeting of bank creditors by 95.1% votes.