BTA Bank’s Restructuring Recognised in Ukraine19.09.2012
BTA Bank JSC (the “Bank”) announces that the restructuring proceedings commenced in respect of the Bank before the Specialised Financial Court in Almaty have been recognised in Ukraine. This recognition was granted by order of the Solomensky Regional Court of Kiev on 31 August 2012 and provides in Ukraine for:
- suspension of enforcement of judgments against the Bank in respect of the financial liabilities being restructured;
- suspension of the performance by the Bank of its obligations under such financial liabilities; and
- prevention of foreclosure by creditors of the Bank against its assets in Ukraine.
This recognition is a part of the Bank’s current restructuring process and the order follows successful applications for recognition made by the Bank in the United Kingdom and the United States, which were obtained on 11 July 2012 and 16 August 2012, respectively.