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BTA shareholders failed to reach any decision on second debt restructuring

26 января 2012, 23:41
©Yaroslav Radlovsky
©Yaroslav Radlovsky
BTA Bank’s shareholders didn’t reach any decision on the second debt restructuring, Tengrinews.kz reports, citing the Bank’s Press Service.

“The Bank announces that no decisions have been reached on issues on the agenda of the general meeting of shareholders. Samruk-Kazyna as the major shareholder stressed that in line with the obligations taken in the restructuring of 2010 it would vote for the suggestions in case they were supported by at least two thirds of the Bank’s GDR holders. However, this threshold wasn’t hit”, the Bank’s press release reads.

According to the Bank, only holders of 17.97% of the GDR participated in the voting. “The Bank believes the results of the voting do not fully reflect the opinions of all the GDR holders. The result of the voting is not a hurdle to a possible debt restructuring. The Bank will keep on taking all necessary measures towards restructuring”, the press release elaborated.

BTA announced its plans of the second debt restructuring in December 2011. Its main shareholder – Samruk-Kazyna Sovereign Wealth Fund – voiced its support to the proposed debt restructuring. The first debt restructuring took place in September 2011, with the Bank’s debt being slashed from $16.65 to $4.2 million.

Samruk-Kazyna (owner of 81.5% of the Bank’s common stock) reiterated its commitment to orderly debt restructuring based on consensus and supported forming of the creditors committee to discuss terms of possible debt restructuring.

Samruk-Kazyna believes it important the creditors committee comprises of a wide range of interested parties and feels sorry that most of the Bank’s GDR holders failed to provide instructions on how to act on their behalf at the general meeting of shareholders January 26.

The Fund intends to proceed with the talks as soon as the creditors committee is complete and to make sure the Bank is a going concern following the second debt restructuring.

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