Creditors battle BTA with demanding counter proposal
BTA Bank has signed a memorandum of understanding with its creditors’ steering committee over its debt restructuring, but a counter proposal made by creditors is so vastly different to the Kazakh bank’s original options that investors see little hope for an imminent resolution.
The source of the dispute is the valuation of BTAs loan portfolio. Creditors put the level of required provisions at $9.2bn, while the bank estimates it at $12.5bn.
The broad topics have been agreed but the creditors and BTA are hashing out the exact maturities for rollovers and the
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