BTA Bank Commences Distribution of Entitlements26.08.2010
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 pleased to announce that on 25 August 2010 the Bank has successfully executed the Restructuring Documents and accordingly the Steering Committee has confirmed that the Conditions Precedent to the Restructuring becoming effective have been satisfied or, if applicable, waived.
The Bank has delivered the Entitlements to the Distribution Agent and authorised it to distribute the Entitlements in accordance with the summary of Settlement Instructions provided by the Bank. The Distribution Agent will commence the distribution process today.
The Bank expects the FMSA to confirm that it has successfully implemented the Restructuring Plan. Upon such confirmation, the FMSA is expected to apply to the Court for an order confirming that the Restructuring Plan has been carried out and that the Restructuring is complete. The Bank expects the hearing of the Court in relation to this order to be held on or around 2 September 2010.
Self Liquidating Trade Finance Transactions
Further to the Bank’s press release dated 19 August 2010, the Bank will commence distribution of monies payable under existing Self-Liquidating Trade Finance Transactions today.