23.12.2011 - Kazakh bank BTA proposes second debt restructuring
BTA, Kazakhstan's third-largest bank by assets, will propose a further debt restructuring at a shareholder meeting next month, a move seen requiring creditors to write off at least half their investment. The bank managed to cut net debt by about two thirds to $4.2 billion through a restructuring programme agreed with creditors last year, which installed Samruk-Kazyna as its 81.5-percent shareholder. BTA has relied largely on Samruk-Kazyna's support after struggling with persistent bad loans, slow growth in the non-commodity sectors of Kazakhstan's $150 billion economy and the cost of servicing its government funding package...............................................Full Article: Source
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