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Defaulted Kazakh BTA Creates Debt Restructre Panel

Tuesday 7 February 2012

(Reuters) – Kazakhstan’s BTA Bank , majority owned by the country’s sovereign wealth fund, announced on Monday a committee to discuss debt restructuring after the bank defaulted on its debt last month.

The default has enraged creditors who say BTA, backed by the oil-rich country’s $80 billion wealth fund Samruk-Kazyna, is unwilling rather than unable to pay. The bank, which defaulted on debt for the second time in three years, said in a statement that a creditors’ steering committee would comprise holders of senior as well as subordinated debt, Recovery Notes, discount notes as well as trade finance.

Investors represented on the committee include Ashmore, FFTW-BNP Paribas Investment Partners, Nomura, JPMorgan, the Asian Development Bank and Gramercy Funds.

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