Kazakhstan's BTA Bank granted FSA approval for restructuring plan

By Caroline Salls

Pittsburgh, June 9 - BTA Bank JSC's restructuring plan has been approved by Kazakhstan's Financial Supervision Agency (FSA), according to a company news release.

As previously reported, the plan was approved by a majority of the bank's creditors on May 28.

The plan is still subject to approval by the Almaty-based special financial court.

Following court approval, BTA Bank said it will implement the plan procedures, including annulment of previous issues of bank bonds, issuance of new debt instruments, allocation of cash between the creditors and placement of the securities on applicable exchanges.

BTA is a bank based in Almaty, Kazakhstan. It made a Chapter 15 bankruptcy filing on Feb. 4 in the U.S. Bankruptcy Court for the Southern District of New York. The case number is 10-10638.

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