Specialized Financial Court of Almaty has confirmed completion of BTA Bank’s restructuring, the bank says in its press release.
“BTA Bank is delighted to announce that the Specialized Financial Court of Almaty has today issued an order confirming the completion of the Restructuring Plan relating to U.S.$11.1 billion of the Bank’s financial indebtedness due to the implementation by the Bank of all actions contemplated by the Restructuring Plan,” the press release says.
As reported, the shareholders of BTA Bank approved the second restructuring plan for 1.6 trillion tenge ($10.9 billion) on December 3, 2012 by the majority of votes, as a result of which the bank’s debts reduced to $3.3 billion.
This restructuring plan was also approved at the claimants’ meeting in Almaty on December 5, 2012 by claimants holding 1,511 billion tenge ($10.2 billion) of the claims (representing 93.8% of the claims).
In September of 2010 BTA Bank completed its first debt restructuring, as a result of which the bank’s debts reduced from $16.65 billion to $4.2 billion. After the restructuring National Welfare Fund Samruk-Kazyna became the major shareholder of BTA Bank (81.48%). The creditors that were not affected by the restructuring hold over 18%.