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Monday 14 December, 2009

Temirbank JSC

Further announcement re Temir

RNS Number : 0434E
Temirbank JSC
14 December 2009
 



PRESS RELEASE




JSC TEMIRBANK


14 December 2009



JSC Temirbank (the "Bank") announces that it plans to arrange confidential discussions early this week with leading holders of 2014 Notes and 2011 Notes who have identified themselves as representing the wider international bondholder community and who have made themselves available for rapid review of alternatives with the company.


The purpose of the meetings will be to review a detailed Term Sheet for a proposed revision in the terms to be offered to international bondholders which was developed in consideration of feedback received from bondholders since the launch of this process on 30th November 2009.


If agreed, the Bank's target is to release the Term Sheet on the basis of agreement from the representatives of the bondholder community on Thursday 17th December and then rapidly seek support from FMSA and other relevant Kazakhstan authorities to amend the timetable for the completion of the Bank's restructuring process.


If a Term Sheet is not agreed or the relevant authorities do not agree to amend the timetable based on any such Term Sheet the international noteholders' meetings due to take place on Tuesday 22nd December and the Creditors' Meeting due to take place on Wednesday 23rd December to approve the restructuring as set out in the Information Memorandum dated 30th November will proceed as scheduled (and the deadlines for voting by proxy, as set out in the Information Memorandum, will remain unchanged) unless superseded by subsequent announcements.


The Bank notes that the Term Sheet, if applicable, will refer to changes in the treatment of international bonds and the Bank does not expect material changes in this process for other key stakeholders.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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