ATFBank Sent to Ministry of Finance Request on Default of DTZ Bonds
OREANDA-NEWS. On September 22, 2008 ATFBank (Almaty), acting as the representative of holders of infrastructural bonds KZ2CKY23B672 (KASE category "A" official list, DTJLb1; KZT1,000, KZT30.0 bn.; August 2, 05 - August 2, 28, the annual coupon indexed on the inflation rate, 19.95 % APR for the current coupon period, 30/360) of Doszhan Temir Zholy (DTZ) (Almaty), informed Kazakhstan Stock Exchange (KASE) by the official letter on the following, reported the press-centre of KASE:
ATFBank as the representative of holders of Doszhan Temir Zholy (DTZ) bonds informs that on September 3, 2008 the representative sent the request to the Ministry of Finance of the Republic of Kazakhstan as the guarantor to pay holders of bonds of unpaid by the issuer amount in compliance with the bond loan terms on payment of the coupon interest for 2007-2008. The guarantor will inform bonds holders on the made decision additionally.
In order to undertake measures related to recover the debt of Doszhan Temir Zholy (DTZ) (hereinafter - the issuer) the representative plans to address the court with the statement of claim based on powers of attorney, provided by bonds holders. As of September 16, 2008, powers of attorney were provided by 13 bonds holders owning in an aggregate more than 36 % of the issuer's bonds.
In addition, earlier by letter # 333 of August 19, 2008, the issuer informed the representative that it is undertaking all reasonable measures to eliminate reasons of default and payment of the coupon interest on infrastructural bonds for 2008 presumably during 30 days. As the period, proposed by the issuer for payment of the coupon interest and regulation of the situation expired on September 15, 2008, the representative sent the additional request to the issuer to explain the current situation.
On all issues, related to implementation of the representative's functions, please get in touch with ATFBank contact person - Timur Mussin, tel.: 727-258-30-42, e-mail: Mussin-T@atfbank.kz
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