OREANDA-NEWS. November 09, 2009. Internal creditors committee on obligations of Astana-finance (Astana), the listed company of Kazakhstan Stock Exchange (KASE), provided to KASE the following press release, reported the press-centre of KASE:

On October 19, 2009, was created Internal creditors committee on obligations of Astana-finance (hereinafter - the Committee). The Committee includes 35 financial organizations - FIAK members (representatives of largest accumulative pension funds (hereinafter - APF), second-tier banks, insurance companies, securities market professional participants, and representatives of Kazakhstan hypothecary loans ensuring fund and Kazakhstan Mortgage Company).

The Committee meting were held on: October 23, 26 and 29 and November 3, 2009.

The Committee defined the need in negotiations in FIAK and delegation to FIAK of authorities on:

- consolidation of proposals/comments of the Committee members for their discussion with the Issuer and an authorized body;

- organization of the Committee meeting with the Issuer and authorized bodies involvement and materials development.

By results of held on October 26, 2009 meeting of the Committee, 20 members out of 35 disagreed with Astana-finance proposed obligations restructuring
options.

The main reasons:

- a lack of the Issuer information transparency;

- proposed restructuring options significantly affect interests of internal creditors and violate the equity principle (external and internal).

As in compliance with the legislation in force obligations restructuring of an issuer - not a bank, needs 100% agreement of creditors for the restructuring plan approval. On October 29, 2009, the Committee proposed Astana-finance to provide an alternative restructuring plan.