Special Financial Court of Almaty Made a Decision About the Commencement of BTA Bank’s Restructuring10.05.2012
BTA Bank JSC (the “Bank”) is pleased to announce that on May 8, 2012 the Special Financial Court of Almaty (the “Court”) granted the Bank’s May 2 application to commence the restructuring of its financial indebtedness.
The Court’s decision regarding the restructuring has immediate effect and accordingly the Bank now has gained legal protection in relation to the restructuring process in the Republic of Kazakhstan.
Anvar Saidenov, Chairman of the Board of Directors of the Bank commented: “We welcome today’s Court decision. It confirms the legitimacy of the restructuring process initiated by the Bank and gives us a high degree of confidence in its successful outcome. The next stage is the completion of due diligence by the advisors to the Steering Committee in parallel with which the Bank is finalising its business plan. The Bank and the Steering Committee and its advisors will start in June negotiation of the commercial terms of a restructuring which is fair to all stakeholders and ensures the effective development of the Bank in the long term.”