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Sovereign Wealth Funds Briefing - Categorized | Asset Allocation, Market

Angry BTA bondholders blitz Kazakh Samruk

Posted on 06 January 2012

Senior bondholders said Kazakh state- controlled BTA Bank (BTAS) must pay a coupon due Jan. 1 and ensure that its board contains creditor directors before they’ll discuss the lender’s proposal for a second restructuring in as many years.
A group of unidentified creditors made the demands in a Dec. 30 letter to BTA, the Kazakh central bank and the National Welfare Fund Samruk-Kazyna (SKKZ), which owns 81.5 percent of the Almaty-based lender. The letter was sent by New York-based law firm Dewey & LeBoeuf LLP, which represents the bondholders………………………………………..Full Article: Source


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