Of Special Interest
27th January 2012
No progress for BTA
It was officially announced that shareholders of BTA, Kazakhstan's third largest bank, had rejected restructuring plans. The state, through its sovereign wealth fund, Samruk-Kzyna, owns most of the stock.
BTA want western bank creditors to accept another round of writedowns. As recently as 2010 the western banks agreed to writeoff two thirds of the debt as part of a restructure. Creditors include Bank of America, Barclays, Commerzbank, Credit Suisse, Goldman Sachs, HSBC, Royal Bank of Scotland, Standard Chartered and Wells Fargo.
BTA said it would continue to pursue its plan for a second debt restructuring and that it hoped within the next few days to form a creditors' committee to explore its options.