Angry BTA bondholders blitz Kazakh Samruk
Bondholders have threatened to drag Kazakhstan’s sovereign wealth fund into a bitter legal dispute if the previously restructured BTA Bank fails to pay a coupon missed at the start of this month. BTA, of which the fund Samruk Kazyna owns 81.5%, forced creditors to write down a portion of $12.2bn of debt in 2010.
BTA having missed the January 1 coupon payment date on its $2bn 10.75% 2018 bond has fuelled fears of a second lengthy restructuring in as many years. It could also affect all other Kazakh state owned entities access to international capital, CIS specialists warned.
Bondholders, represented by law
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