Kazakh uranium miner wins right to give away Art Palace

Bondholders have granted the Kazakh state-owned nuclear fuel company, Kazatomprom, permission to hand over free an expensive social project to the government — the Art Palace for Schoolchildren. Consent was needed from the holders of Kazatomprom’s $500m 6.25% 2015 bonds to waive the company’s obligation to block the sale of any asset worth more than $10m for less than its fair market value — and, as such, to avoid default. An analyst put the value of the Art Palace at around $160m.