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Kazakh bank Alliance sets out restructuring options
* Will offer rollover options with discount and at par
* To write down $1.1 bln after losing pledged securities
* Sees total loss provisions at $2-3 bln (Adds background)
ALMATY, May 29 (Reuters) - Kazakh bank Alliance said on Friday it would offer creditors the opportunity to recoup a limited amount of their investment after losing $1.1 billion worth of U.S. Treasuries pledged in loan deals and writing down even more in bad loans.
Alliance, the central Asian country's No.4 bank, defaulted on debt repayments last month. Kazakhstan's largest bank BTA and smaller lender Astana Finance have also defaulted since, citing asset quality problems and repayment acceleration.
Alliance needs to agree on restructuring soon or halt business activities altogether, Chief Executive Maksat Kabashev told a conference call.
"If by July 15 Alliance bank has not reached a satisfactory agreement (with creditors) the Financial Supervision Agency will move Alliance into conservation," he said, referring to a regulatory regime that may be followed by bankruptcy.
Kabashev said Alliance would offer creditors a buyback at 20 percent of face value, limited to $500 million, a seven-year rollover with a 50 percent discount, or a 15-year rollover at par.
Alliance became the first Kazakh lender to announce restructuring terms. BTA is due to propose a plan next week and Astana Finance has not set clear timing.
Kabashev said that between 2005 and 2008 Alliance had pledged $1.1 billion worth of U.S. Treasuries to undisclosed Russian lenders as collateral for loans obtained by other companies which he did not name.
The borrowers then failed to pay back funds and the Russian lenders claimed the securities.
"This situation will likely result in a writedown of $1.1 billion," Kabashev said.
The bank's total loss provision, including those against bad loans, will reach $2-3 billion, he said.
Alliance has a total of $4.2 billion in debts that must be restructured.
Kazakh banks were hit hard by the global crisis after years of aggressive growth funded by foreign borrowing. The government nationalised BTA in February saying it would have collapsed otherwise.
Also in February, Alliance's majority shareholder, Kazakh financial group SAFC, offered to sell the government most of its stake for a symbolic payment of less than $1. SAFC said it would be unable to support the bank.
But the government has declined to take over Alliance and has said the deal would depend on the outcome of restructuring talks. It also ruled out offering sovereign debt or guarantees to facilitate banks' debt restructuring. (Writing by Olzhas Auyezov; Editing by Rupert Winchester)
- Reuters, Friday May 29 2009
* Will offer rollover options with discount and at par
* To write down $1.1 bln after losing pledged securities
* Sees total loss provisions at $2-3 bln (Adds background)
ALMATY, May 29 (Reuters) - Kazakh bank Alliance said on Friday it would offer creditors the opportunity to recoup a limited amount of their investment after losing $1.1 billion worth of U.S. Treasuries pledged in loan deals and writing down even more in bad loans.
Alliance, the central Asian country's No.4 bank, defaulted on debt repayments last month. Kazakhstan's largest bank BTA and smaller lender Astana Finance have also defaulted since, citing asset quality problems and repayment acceleration.
Alliance needs to agree on restructuring soon or halt business activities altogether, Chief Executive Maksat Kabashev told a conference call.
"If by July 15 Alliance bank has not reached a satisfactory agreement (with creditors) the Financial Supervision Agency will move Alliance into conservation," he said, referring to a regulatory regime that may be followed by bankruptcy.
Kabashev said Alliance would offer creditors a buyback at 20 percent of face value, limited to $500 million, a seven-year rollover with a 50 percent discount, or a 15-year rollover at par.
Alliance became the first Kazakh lender to announce restructuring terms. BTA is due to propose a plan next week and Astana Finance has not set clear timing.
Kabashev said that between 2005 and 2008 Alliance had pledged $1.1 billion worth of U.S. Treasuries to undisclosed Russian lenders as collateral for loans obtained by other companies which he did not name.
The borrowers then failed to pay back funds and the Russian lenders claimed the securities.
"This situation will likely result in a writedown of $1.1 billion," Kabashev said.
The bank's total loss provision, including those against bad loans, will reach $2-3 billion, he said.
Alliance has a total of $4.2 billion in debts that must be restructured.
Kazakh banks were hit hard by the global crisis after years of aggressive growth funded by foreign borrowing. The government nationalised BTA in February saying it would have collapsed otherwise.
Also in February, Alliance's majority shareholder, Kazakh financial group SAFC, offered to sell the government most of its stake for a symbolic payment of less than $1. SAFC said it would be unable to support the bank.
But the government has declined to take over Alliance and has said the deal would depend on the outcome of restructuring talks. It also ruled out offering sovereign debt or guarantees to facilitate banks' debt restructuring. (Writing by Olzhas Auyezov; Editing by Rupert Winchester)
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