Kazakhstan's Alliance Bank restructuring; steering committee formed

By Caroline Salls

Pittsburgh, April 7 - The steering committee for Alliance Bank's restructuring is scheduled to provide preliminary feedback on the company's proposal related to its capital needs and recapitalization plan on April 13, according to an investor presentation released Monday.

The bank received approval from the National Bank of the Republic of Kazakhstan on Feb. 3 to start its restructuring process, which must be finalized by July 1.

The Almaty district financial court also granted approval in March to start a Kazakh law restructuring.

The bank said a five-member steering committee was organized in February and is comprised of JPMorgan, Greylock Capital, LIM Advisors, VR Capital and Pioneer Investments. The appointment letters were signed on Monday.

A preliminary three-bank model was delivered to the steering committee on March 21.

Alliance Bank said it will provide requested due diligence information to the committee and its advisers. The bank and the committee are scheduled to meet on April 8.

Roadshow presentations, creditor and shareholder meetings and plan approvals are expected to occur in May and June.

Alliance Bank is focused on small and medium enterprises and the retail segment. It is based in Almaty, Kazakhstan.

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