BTA Bank plans to negotiate with stakeholders for developing Restructuring and Recapitalization Plan

16.01.2012 21:07

ASTANA. January 16. KAZINFORM "BTA Bank" JSC (the "Bank") thanks its GDR holders and creditors for attending the meetings and for the constructive approach that was demonstrated during the investors' presentations organized by the Bank in Brussels, Frankfurt, Geneva, London, Miami, Munich, New York and Stockholm on January 11 and 12; the Bank's press service reports.

Around 130 people, representing 70 financial institutions, attended the meetings, during which the Bank presented its current situation and detailed the decisions that shareholders will need to take at the General Shareholders' Meeting on 26 January 2012.

The Bank is pleased to confirm that it plans to enter into consensual negotiations with its stakeholders with a view to developing a Restructuring and Recapitalization Plan under Kazakhstan law that could ultimately be submitted to all relevant bodies for approval. To this end, it will hold preliminary discussions with creditors during the week of 23 January with a view to preparing for the engagement of a Steering Committee.

As mentioned during the meetings, and to facilitate the formation of a representative Steering Committee, the Bank invites holders of its Senior, OID, Subordinated Notes and Recovery Units to identify themselves and disclose their holdings to its financial adviser, Lazard Frères, as soon as practicable, by sending an e-mail to the following address:

The Bank would like to repeat its assurance that the possible restructuring will in no way prejudice the interests of the depositors. The Bank's obligations to depositors will be fully honoured and it will continue to service deposit transactions, credits, make money transfers for all its customers and handle payment card transactions as usual.