BTA Bank (Kazakhstan) sets up Creditors' Committee
07.02.12 13:10
/KASE, February 7, 12/ - JSC "BTA Bank" (Almaty), whose bonds are officially
listed at Kazakhstan Stock Exchange (KASE), has provided KASE with the
following press-release of February 7, 2012:
quote
JSC "BTA Bank" (the "Bank") is pleased to announce that following the meetings
arranged over the past two weeks with holders of the Bank's Senior, OID and
Subordinated Notes, its Recovery Units and participants in the RCTFF, a Steering
Committee has now been formed to represent the interests of the Bank's various
creditor stakeholders.
The Steering Committee is comprised of a diversified and representative group of
the Bank's public and private sector creditors and includes certain funds and
accounts managed or advised by Ashmore Investment Management Limited, the
Asian Development Bank, the D.E. Shaw Group, FFTW UK Limited - a BNP
Paribas Investment Partner, Gramercy Funds Management LLC, J.P. Morgan
Securities Ltd., Nomura International plc and VR Capital Group Ltd. A seat on the
Steering Committee is reserved for the Swedish Export Credits Guarantee Board
- EKN (which has been participating on a preliminary basis for the purposes of
forming the Steering Committee) and a seat is also reserved for a representative
of participants in the RCTFF.
Members of the Steering Committee collectively hold the Bank's Senior Notes,
OID Notes, Subordinated Notes and Recovery Units.
The Bank believes that the establishment of the Steering Committee is a very
positive development and looks forward to working with the Steering Committee
with the aim of developing a restructuring plan that ensures the Bank's
viability.
The Bank and its financial and legal advisers will be meeting with the Steering
Committee in London on Wednesday, 8 February 2012.
Anvar Saidenov, Chairman of the Bank, commented: "We welcome the
establishment of the Steering Committee, which is an important step forward in
the Bank's restructuring plans. The Bank recognises the importance of building a
broad consensus for the restructuring process and is pleased by the diversity of
creditors and believes that the Steering Committee will be effective given their
representation and restructuring experience. While much work remains to be done
we believe that, with goodwill and constructive engagement on all sides, the
Steering Committee can help us to arrive at the best solution for the Bank and all
its stakeholders."
The members of the Steering Committee have advised the Bank that their
participation in the Steering Committee, and in any related discussions regarding
the possible restructuring of the Bank, do not amount to, and should not be
construed as, any waiver or discharge of any rights they or other creditors or the
Trustee may have against the Bank, Samruk-Kazyna or any other party in respect
of any securities issued by the Bank or any of the related undertakings or the
Trust Deed.
Media contacts:
tel. +7(727) 312 24 26, 312 43 22, 312 28 47
e-mail: pr@bta.kz
www.bta.kz
unquote
[2012-02-07]