BTA Suspends Listing in Luxembourg Amid Debt Restructuring Talks

BTA Bank (BTAS), the Kazakh lender seeking to restructure its debt for a second time, said it suspended the listing of its securities on the EuroMTF market of the Luxembourg Stock Exchange.

The Almaty-based lender said the move is due to “the current process of the bank’s restructuring and it doesn’t mean that these securities are removed from the listing completely,” according to a statement published on the Kazakh Stock Exchange’s website today.

The country’s biggest bank before its default on $12 billion of debt in 2009 is negotiating its second debt restructuring in as many years after failing to make an interest payment on its July 2018 dollar bonds in January.

State-run BTA said June 15 talks began on its proposed debt overhaul. The wealth fund Samruk-Kazyna took over the lender in February 2009.

To contact the reporter on this story: Nariman Gizitdinov in Almaty at ngizitdinov@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.