03.09.2010 - Kazakhstan’s BTA Bank completes profitable restructuring
From Centralasianewswire.com: The Samruk-Kazyna sovereign wealth fund owns 81 percent of BTA, a stake it said it wants to sell within three years. Creditors own most of the other 19 percent. Samruk-Kazyna’s takeover of BTA actually triggered the bank’s default, industry insiders said. The American investment company Morgan Stanley and another of the bank’s creditors used the takeover to invoke a change-of-ownership clause in their debt agreements with BTA. Under the clause, the two creditors demanded early repayment of their debt – on April 14, 2009..............................................Full Article: Source
Print