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Monday 12 April, 2010

Temirbank JSC

Court hearing on approval of

RNS Number : 0696K
Temirbank JSC
12 April 2010
 



PRESS RELEASE

(for immediate release)

 

JSC TEMIRBANK

TEMIR CAPITAL B.V.

 

12 APRIL 2010

COURT HEARING ON APPROVAL OF JSC TEMIRBANK'S RESTRUCTURING PLAN

 

JSC Temirbank (the "Bank") is pleased to announce that the FMSA has approved the restructuring plan of the Bank on 9th April 2010, following the approval by the required majority of Restructuring Creditors on 31 March 2010.  The restructuring plan now requires approval by the Specialised Financial Court of Almaty.  A hearing is scheduled for Wednesday 28th April 2010 at 11am Almaty time and JSC Temirbank will make a further announcement after it receives the decision of the Court.

Restructuring Creditors are reminded that the approval of the Court is a pre-condition to the completion of the Restructuring, but that the Restructuring Date will not occur until the other conditions precedent to the Restructuring Plan (as set out in the Information Memorandum) have been satisfied.

 

As before, all retail and commercial deposits (with the exception of certain related party deposits) and the bank's other operating liabilities, including advisors' fees will be excluded from the restructuring.  Deposits will continue to operate in the normal way and will not be subject to any discounting or adjustment as a result of the restructuring.

Individual depositors continue to be protected under the state system of mandatory guarantees of deposits.  In accordance with the relevant legislation of the Republic of Kazakhstan, the bank deposits of individuals in JSC Temirbank and other second tier banks are currently guaranteed up to the amount of KZT 5 million. 

Restructuring Creditors may direct any queries they have regarding the restructuring to either:

The International Department of the Bank by email at [email protected] or by telephone at +7 727 259 0528 or +7 727 258 7829; or

The Information Agent: Thomson Reuters by email at [email protected] or by telephone to any of Ellis Farrell + 44 207 542 8775, Christina Mermiga + 44 207 542 5836 or Melina Bobbio + 44 207 542 9013 or by post to Thomson Reuters, 30 South Colonnade, Canary Wharf, London, UKE14 5EP.

 

 

These materials are not an offer of securities for sale in the United States.  Securities may not be offered or sold in the United States absent registration or an exemption from registration.


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