BTA Bank JCS will hold preliminary talks with creditors next week to prepare for forming the Creditors' Committee
/IRBIS, January 17, 2012/ - "BTA Bank" will hold preliminary talks with creditors during the next week beginning January 23, to prepare measures for the formation of the Creditors' Committee, reported January 16 press office of the Bank.
"JSC "BTA Bank" (hereinafter - the Bank) thanks holders of global depository receipts (GDRs) and creditors to participate in meetings and constructive approach shown during the presentations to investors from Brussels, Frankfurt, Geneva, London, Miami, Munich, New York and Stockholm, organized by the Bank on 11 and 12 January this year", - was stated in the message.
It is reported that some 130 representatives from 70 financial institutions were present at the meetings at which the Bank has provided information about their current situation and gave detailed explanations about the decisions to be taken by shareholders at the General Meeting of Shareholders January 26, 2012.
"BTA Bank announced that it plans to enter into negotiations with stakeholders to develop a Plan of Restructuring and Recapitalization, followed by a set of procedures established by the legislation of the Republic of Kazakhstan, associated with its approval and adoption. For this purpose, the Bank will hold preliminary talks with creditors for a week starting from January 23, to prepare measures for the formation of the Creditors' Committee", - was stated in the message.
It is reported that, as mentioned at the meetings for the early formation of the Creditors' Committee "BTA Bank" invites the holders of its Senior Notes, special debt at a discount, subordinated debentures and bonds to restore as soon as possible to identify and disclose the amount of their existing bonds to financial adviser Lazard Freres by e-mail: BTA.Noteholders@lazard.fr.
BTA Bank would like to reiterate that the possible restructuring in any way will not infringe upon the interests of depositors, the obligations to be performed in full. The Bank operates on deposits, loans, money transfers of natural persons and legal entities and transactions on payment cards in the usual mode", - was stated in the message.
[2012-01-17]