UPDATE 1-Kazakh BTA debt restructuring to resemble Alliance

* BTA restructuring to resemble Alliance scheme

* Alliance offered discounted buyback and 2 rollover options

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ST PETERSBURG, Russia, June 5 (Reuters) - The restructuring of the debts of Kazakh bank BTA BTAS.KZ will in principle be similar to that of bank Alliance (ALLBq.L) ASBN.KZ, the head of Kazakh state fund Samruk-Kazyna said on Friday.

"A number of options will be offered. The first one - a cash buyout with a discount... A second (option) - an extension of terms, for example, for seven years with a haircut or for a longer term but without a haircut," Kairat Kelimbetov told reporters on the sidelines of Russia's Economic Forum in St Petersburg.

Earlier this week, Alliance said it would offer creditors debt buyback at 20 percent of face value. Other options are a seven-year rollover at a lower interest rate with a 50 percent principal discount and a 15-year rollover at with no discount.

BTA, which has about $15 billion in debt, told creditors this week it would not get any further financial support from the government to deal with an expected $7.9 billion 2008 loss. (Reporting by Dmitry Sergeyev, writing by Dmitry Zhdannikov and Olzhas Auyezov, +7 495 775 12 42, dmitri.zhdannikov@reuters.com) (Editing by Mike Nesbit)