BTA Bank: debt restructuring legitimate in USA

March 4. KASE

BTA Bank: debt restructuring legitimate in USABTA Bank informed the proceeding on the debt restructuring case, instigated by the Bank in the Almaty special financial court, was acknowledged in the USA as the main foreign proceeding on the case according to a ruling made March 2, 2010 by the USA Insolvency Court under jurisdiction of the South district of the State of New-York (the USA Court), on the basis of article 15 of “The Bankruptcy Laws”.

Thus, the debt restructuring was acknowledged legitimate in the USA. The ruling legally protects BTA Bank assets located in the USA from actions of the third parties that may affect completion of the restructuring process.

Earlier the restructuring process was acknowledged legitimate in England, Wales and the Ukraine. The Bank is confident legal protection of its assets in foreign jurisdictions will help effectively implement the restructuring plan.

The debt is restructured in accordance with the Kazakhstan Law on Restructuring adopted in 2009. On October 16, 2009 the Almaty special financial court acknowledged the appeal of the bank on restructuring as reasonable and compliant with all requirements of the Kazakhstan legislation.

On December 7, 2009 in London BTA Bank and the Creditors’ Committee signed an Agreement on general conditions of BTA Bank debt restructuring.