The Arbitration Court of Moscow Grants BTA Bank Recognition of Its Restructuring in the Russian Federation22.10.2012
Almaty, October 22, 2012 – “BTA Bank” JSC (the “Bank”) is pleased to announce that the Bank’s restructuring procedure initiated in the Specialized Financial Court of Almaty was granted recognition in the Russian Federation. The recognition was granted by the decision of the Arbitration Court of Moscow on 15 October 2012 and has the following effect in the Russian Federation:
- enforcement of relevant judgments against the Bank relating to obligations subject to restructuring is suspended;
- performance by the Bank of claims of creditors under such obligations is suspended; and
- foreclosure against the Bank’s assets in the Russian Federation is prohibited.
This recognition is a part of the Bank’s current restructuring process and follows successful applications for recognition made by the Bank in the United Kingdom, the United States and Ukraine which were granted on 11 July, 16 and 31 August 2012, accordingly.