Kazakh bank Alliance signs debt restructuring deal

Oct 6. Reuters. ALMATY

* Signs term sheet with creditors’ committee
* To be approved by creditor meeting

Kazakh bank Alliance signs debt restructuring dealKazakh bank Alliance said on Tuesday it had signed a debt restructuring agreement with its creditors’ committee.

“The term sheet contains details of the different options that will be proposed to the bank’s creditors under the restructuring to recapitalise the Bank and the basis by which JSC National Welfare Fund Samruk Kazyna will take control of the Bank,” it said in a statement.

“The term sheet is non-binding on any financial creditor and the restructuring will be subject to various approvals, including the approval by the creditors meeting pursuant to the applicable Kazakhstan law.”

Alliance has sought to restructure $4.2 billion in debt after going into default this year.