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BTA Bank might fail to find money for next repayment

28 december 2011, 20:05
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Tengrinews.kz stock photo
BTA Bank might fail to collect enough funds to make the next payment to service its debt, RIA Novosti reports.

By January 1, 2012 the bank has to make the next coupon payment on Eurobonds in tenge, US Dollars and Euro. The total amount of payment is around $160 million.

“The management is expecting that the bank might not have enough cash to make the repayment due on some of the debts and any such payment will lower the current capital and liquidity indexes of the bank,” a letter of the bank’s chairman Anvar Saidenov to the shareholders and GDR holders of the bank states.

Earlier BTA Bank announced its intention to make the second restructuring of a part of its debt. Such measures could ensure further normal functioning of the bank and will help enhance its financial standing. In the long run the bank may re-gain its position in the market. Samruk-Kazyna National Welfare Fund considered restructuring of a part of BTA’s debt a rational solution.

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