BTA Bank shareholders approve restructuring plan; claimant vote next

By Caroline Salls

Pittsburgh, Dec. 4 - BTA Bank JSC's shareholders approved the bank's restructuring plan at an extraordinary general meeting held on Tuesday, according to a news release.

Holders of 86.7% of the general shares outstanding participated in the meeting. BTA said the plan was passed by a majority of 99.4%.

In addition, holders of the bank's Global Depositary Receipts approved the restructuring plan by a supermajority of 89.5%. Holders of 33% of all outstanding GDRs voted.

BTA Bank said the next stage in the plan approval process will be a claimants' meeting scheduled for Dec. 5.

BTA Bank is based in Almaty, Kazakhstan. The company filed its Chapter 15 bankruptcy case on Feb. 4, 2010 in the U.S. Bankruptcy Court for the Southern District of New York under case number 10-10638.

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