OREANDA-NEWS. February 03, 2010. Alliance Bank (Almaty) informed Kazakhstan Stock Exchange (KASE) the bank would delay payment of the seventh coupon interest on subordinated bonds KZPC4Y07B576 (ASBNb7; KZT1,000, KZT5.0 bn; 24.07.06 - 24.07.13, semiannual coupon 8.50 % APR; 30/360), reported the press-centre of KASE.

According to the bond prospectus Alliance Bank had to pay the coupon. The prospectus specifies "in case of default on the sum payable to bondholders under the Prospectus, the issuer must pay to bondholders the principal and the fine for each day of delay, computed on the basis of the official rate of the Kazakhstan National Bank as on the day the obligations or a part thereof must be honored".

The bank informed:

Herewith Alliance Bank (the Bank) is informing the Bank failed on January 24, 2010. The Bank failed did not pay coupon on bonds of the fourth issue under its first bond program (NIN KZPC4Y07B576) in accordance with Almaty special finance court decision No. 2-21/2009 dated September 18, 2009 on the bank restructuring. The decision read to suspend compliance with bank creditors' financial debt claims, which are to be restructured came into effect. The bonds of the abovementioned issue are subject to restructuring.

Therewith we inform, in accordance with the Restructuring plan, the bank stopped on November 26, 2009 accruing interest on bonds that are subject to restructuring. As on November 26, 2009 KZT144,027,777.78 of interest was accrued in regard of the bonds of the fourth issue under the first bond program, 5,000,000 bonds were placed, including 33,800 bonds redeemed by the bank.

Earlier KASE released news on September 22, 2009 "Special financial court of Almaty approves Alliance Bank debt restructuring" - http://www.kase.kz/en/news/show/1083801