Kazakhstan, Astana, Feb.7 /Trend T.Nurmagambetov/
Kazakh BTA Bank announced the formation of the Creditors Committee to represent the interests of the various creditors of the bank, the bank's press service said on Tuesday.
"Formation of the Creditors Committee is an important step in plans to restructure the debt of the bank. We recognize the importance of reaching a common consensus for the process of restructuring [...] and believe that, the Committee will help us reach the best solution for the bank and all stakeholders, with the constructive participation of all parties" the Chairman of the Board of Directors of the Bank Anvar Saidenov said.
"BTA Bank" completed the restructuring of its debt in 2010, which was forced to implement after the default in 2009. As a result of restructuring the bank debt was reduced from $12.2 billion to $4.4 billion, the repayment period was extended to 20 years.
It is stated in the information that the restructuring is a necessary measure, the timely adoption of which will provide further normal functioning of the bank, will strengthen its financial position and, will restore its position in the market in the long term.
The Creditors Committee is representative group represented by the various creditors of the public and private sectors, including such organizations as Ashmore Investment Management Limited, the Asian Development Bank, the DE Shaw Group, FFTW UK Limited - a BNP Paribas Investment Partner, Gramercy Funds Management LLC, JP Morgan Securities Ltd., Nomura International plc and VR Capital Group Ltd.
The places for the Board of the Swedish export credit guarantees - EKN (which participated in preliminary meetings to form a Creditors Committee) and for representative members of RCTFF are reserved in the Creditors Committee.
"The members of the Creditors Committee are the holders of senior bank bonds, debt instruments with a special discount, subordinated bonds and bonds to recover. Creditors Committee along with the Bank will work to develop a restructuring plan that will ensure the viability of the bank in the long term," the bank says.
