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Thursday 6 December 2012

Shareholders Approves BTA Bank 2nd Restructuring Plan


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ALMATY (BTA Bank press service) – BTA Bank JSC announced the results of the Extraordinary General Shareholders’ Meeting of the Bank held on December 3rd to approve the Restructuring Plan of the Bank. National Bank Chairman, Grigory Marchenko, declared the second restructuring by BTA Bank is over.

The participation at the General Shareholders’ Meeting was 86.7% of the total shares outstanding and the Resolution approving the Bank’s Restructuring Plan was passed by a majority of 99.4%.

Votes expressed by holders of the Bank’s Global Depositary Receipts (GDRs), which amounted to 33% of all GDRs outstanding, approved the Bank’s Restructuring Plan by a supermajority vote of 89.5%.

The Resolution also authorised the entering into all agreements and the implementation of all actions contemplated in the Restructuring Plan.

The subsequent stage in the approval process was the Claimants’ meeting on 5 December. At the issue of this meeting, Grigory Marchenko told journalists: “The restructuring plan of 1.6 trln tenge ($10.9 bln) has been approved today. […] So, the second restructuring program of BTA Bank has been successfully completed.” According to him, the bank’s debt is reduced now to $3.3 bln.

The second restructuring by BTA Bank is extended until December 20.

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