Almaty, Kazakhstan - Further to the announcement made on the
13th November 2009, Kazakhstan Kagazy plc announces that Kazakhstan
Kagazy JSC ( “JSC” and, together with the Company and its other
subsidiaries, the “Group”), the Kazakh holding company of the Group’s
operations in Kazakhstan, has today informed the Kazakhstan Stock
Exchange Incorporated (“KASE”) that it proposes to restructure all of
its bonds currently issued and outstanding with a face value of KZT
15.6 billion (USD 104.0 million equivalent).
In accordance with requirements of Kazakh legislation, a detailed
proposal outlining the restructuring plan for the JSC bonds
(“Restructuring Plan”) will be submitted to the KASE by 28 January
2010. The Restructuring Plan will include proposals for the deferral
of principal repayments, the deferral and reduction of interest
payments and extensions of maturity.
Discussions with other lenders to the Group continue and further announcements will be made in due course.
The board of the Company notes that if the restructuring plan for the
JSC bonds is not agreed with the bond holders 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.
Enquiries
SP Angel Corporate Finance LLP
David Facey
John Mackay
Bruce Fraser
+44 20 7647 9650
Unicorn IFC JSC
Olga Em
+7 727 315 2050