BTA Bank restructuring recognized in United States; deadline extended

By Caroline Salls

Pittsburgh, Aug. 20 - BTA Bank JSC said its restructuring proceedings before the Specialized Financial Court in Almaty, Kazakhstan, have been recognized as a foreign main proceeding by the U.S. Bankruptcy Court for the Southern District of New York.

The recognition was granted as part of BTA Bank's Chapter 15 bankruptcy case.

The bank said the order imposes a stay on any proceedings against BTA or its property in the United States and follows a successful application for recognition made in the United Kingdom.

The U.K. recognition was granted on July 11.

In addition, BTA said the Almaty court has extended the deadline by which the bank's restructuring proceedings must be finalized to Dec. 20.

The deadline was extended as a result of ongoing negotiations between the bank and its creditors, according to the release.

BTA Bank is based in Almaty, Kazakhstan. The company filed its Chapter 15 bankruptcy case on Feb. 4, 2010 under case number 10-10638.

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