Kazakhstan's Astana-Finance developing plans for restructuring

By Caroline Salls

Pittsburgh, May 18 - Astana-Finance's new management is studying the company's financial standing, building solvency forecasts and developing restructuring plans, according to a news release.

The company said it has begun talks with its creditors committee, the Kazakhstan Financier Association and legal and financial advisers.

Astana said a working group of company employees was established for the restructuring, headed by deputy chairman Erlan Mantaev. The group will interact with the company's creditors in connection with the restructuring.

According to the release, the restructuring plan is expected to be presented in June, after a study of currency standings and development of plans.

National fund Samruk-Kazyna will monitor Astana's restructuring through its board members, but it is not planning to assume any financial liabilities under the restructuring.

In accordance with a memorandum of understanding signed between the fund and the company early this year, the fund wants to convert the Astana-Finance debt of Samruk-Kazynas subsidiaries into shares.

Astana Finance is a financial institution based in Astana, Kazakhstan.

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