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BTA Bank Says Restructuring Process Recognized by Ukraine Court

Sept. 19 (Bloomberg) -- BTA Bank, the Kazakh lender seeking to overhaul its debt for a second time, said a Ukrainian court recognized the restructuring proceedings and extended protection over its assets.

“This recognition is a part of the bank’s current restructuring process and the order follows successful applications for recognition made by the BTA in the U.K. and U.S., which were obtained on July 11 and Aug. 16, respectively,” the Almaty-based lender said in a statement e-mailed today.

State-run BTA, Kazakhstan’s third-largest bank by assets, said last month that an Almaty court had prolonged a restructuring deadline by three months to Dec. 20. BTA had been seeking an agreement by September after failing to make a January interest payment on dollar bonds due July 2018.

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

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