TuranAlem Finance defaults on medium-term notes

By Caroline Salls

Pittsburgh, May 28 - TuranAlem Finance BV is in default on its global medium-term notes because several of the bank's creditors have accelerated more than $10 million of its debt, according to a news release.

The notes trustee reserved its rights related to the default. TuranAlem said either the trustee or holders of at least one-fifth of the principal amount of the notes can accelerate payment.

According to the release, the company announced in April that it planned to stop making all principal payments, effective April 20, but that it would continue to make interest payments and other payments that are integral to the bank's continued operation.

The parent company, BTA Bank JSC, is based in Almaty, Kazakhstan.

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