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BTA Bank files debt restructuring plan to Almaty court

03 мая 2012, 22:02
Photo by Yaroslav Radlovskiy©
Photo by Yaroslav Radlovskiy©
BTA Bank has presented a plan of debt restructuring to Almaty court, Tengrinews.kz reports citing the bank’s press-service.

“On May 2, 2012, BTA Bank applied to the Specialized Financial Court of Almaty requesting approval to start restructuring of its financial debt,” the message states. Court approval is part of this process, according to Kazakhstan legislation.

According to the press-service, the bank has also provided the court with the draft plan of restructuring prepared jointly with the consultants of the bank’s creditors’ commission and approved by Kazakhstan National Bank.

The creditors’ commission confirmed its preparedness to continue working on development of the restructuring plan that will cover all classes of creditors. The consultants of the creditors’ commission will also made a due diligence of the bank in May.

Official negotiations between the bank, the creditors’ commission and their consultants on the restructuring terms are expected to start in June.

The bank also announced that it received a notification of acceleration from BNY Mellon Corporate Trustee Services Limited. The latter is acting as trustee for the holders of recovery units. It demands early repayment on the recovery units of U.S $5.2 billion aggregate initial reference amount.

Such action was not unexpected for the creditors’ commission and the bank, the bank’s press-service writes. “The creditors’ commission (including the holders of the recovery bonds) remains committed to cooperation with BTA Bank looking to achieve a coordinated decision on restructuring. The Bank supposes that this early repayment demand will not seriously affect or have any great impact on the restructuring negotiations,” BTA Bank explains.

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