BTA brushes off vote loss to pursue restructuring
BTA Bank is to seek a restructuring of its debt despite GDR holders’ refusal to consent to the move on Thursday. The 82% state-owned Kazakh bank, which on January 3 failed to make scheduled payments on its $2bn senior bonds, as well as on previously restructured discount debt and subordinated bonds, views the lost vote as no obstacle to negotiations, chairman Anvar Saidenov said.
The news emerged against a complex background. A creditor group threatened legal action over other matters earlier this month. The senior bonds, due 2018, are now trading around 19.
Even so, BTA believes that its board has the authority to initiate restructuring negotiations with creditors once two creditor directors
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