BTA Bank’s Restructuring Proceedings Gain Recognition in the United States – Deadline to Complete the Restructuring Extended20.08.2012
BTA Bank JSC (the “Bank”) announces that the restructuring proceedings that have been commenced in respect of the Bank before the Specialised Financial Court in Almaty have been recognised in the United States as a foreign main proceeding. This recognition was granted by order of the United States Bankruptcy Court for the Southern District of New York under Chapter 15 of the U.S. Bankruptcy Code on 16 August 2012.
This recognition is a part of the Bank’s current restructuring process and the order imposes a stay on, among other things, any proceedings against BTA or against its property in the United States and follows a successful application for recognition made by the Bank in the United Kingdom, which was obtained on 11 July 2012.
The Bank also announces that the Specialised Financial Court in Almaty has extended the deadline by which the Bank’s restructuring proceedings must be finalised until 20 December 2012. This deadline has been extended due to on-going negotiations between the Bank and its creditors.