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Sovereign Wealth Funds Briefing - Categorized | Asset Allocation, Compliance/Regulation/Legal, Financials

Kazakh BTA creditors forming committee after bond default

Posted on 18 January 2012

An ad hoc group of creditors holding Eurobonds issued by Kazakhstan’s BTA Bank said on Tuesday they would appoint a formal committee after the bank missed a 10-day grace period to pay $160 million in bond coupons and fell into official default.
The default on the bank’s $2 billion 2018 Eurobond comes just 18 months after a first round of restructuring cut the bank’s debt by two-thirds. Investors are enraged as they contend that BTA, owned by Kazakhstan’s $78 billion sovereign wealth fund, has enough money to pay debt………………………………………..Full Article: Source


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