Kazakhstan's TuranAlem Finance gets noteholder approval to restructure

By Angela McDaniels

Tacoma, Wash., May 25 - TuranAlem Finance BV's noteholders approved its restructuring plan at meetings on May 24, according to news releases from the company.

Meetings were held for holders of the company's £200 million of 7 1/8% notes due 2009, €500 million of 6¼% notes due 2011, 200 million Polish zloty of 6.3% notes due 2011, $250 million of 7¾% notes due 2013 and $1 billion of 8¼% notes due 2037.

The noteholders were asked to instruct the notes' trustee to vote the full amount of the notes in favor of the restructuring plan or related scheme of arrangement at a claimants' meeting in the same proportions as votes cast by the noteholders and to instruct the trustee, upon request of notes guarantor BTA Bank JSC, to accelerate the notes and demand payment under the guarantee.

TuranAlem's parent company, BTA Bank, 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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