Kazakhstan restructures BTA Bank (Kazakhstan) debt by Alliance Bank scheme

/REUTERS, St. Petersburg, June 5, 09, KASE headline/ - Kazakhstan will not take upon itself debt of the nationalized BTA Bank and will propose investors several options of the debt restructuring, "in principle similar" to Alliance Bank obligations restructuring scheme, said to Reuters the Head of supervising BTA Bank government fund Samruk-Kazyna Kairat Kelimbetov. "We shall propose several options. The first - buying with a discount for cash - the certain amount will be reserved. The second - extension, e.g., for seven years with a haircut, or more, but without a haircut", - said Kelimbetov to Reuters in the economic forum lobby in St. Petersburg. He added that BTA debts to the government fund obligations will not be exchanged. At the beginning of 2009 the country largest bank was nationalized due to the bankruptcy threat. The bank external debt makes up $11 billion, and for BTA recapitalization the government allocated $2 billion. [2009-06-05]