BTA BANK’S RESTRUCTURING PROCEEDINGS GAIN PERMANENT PROTECTION OF THE BRITISH COURTS19.08.2010
Terms used in this press release and defined in the Information Memorandum of “BTA Bank” JSC (the “Bank”) dated 1 May 2010, as supplemented, are used in this press release as so defined.
The Bank is delighted to announce that on 16 August 2010 the High Court of Justice of England and Wales granted an order in relation to the stay imposed by the Recognition Order granted by the High Court of Justice of England and Wales on 18 December 2009 (the “Recognition Order”). This order and the Recognition Order were granted pursuant to the UNCITRAL Model Law on cross-border insolvency as set out in the Cross Border Insolvency Regulations 2006.
The consequences of obtaining this order is that the stay granted by the Recognition Order shall continue in effect in respect of all Claims relating to Designated Financial Indebtedness even after the termination of the Restructuring by the Specialised Financial Court in Almaty.
The Bank’s management team very much appreciates the strong support shown by Claimants during this difficult time and looks forward to the successful completion of the Bank’s Restructuring.