Kazakhstan's BTA Bank stops interest payments; steering group meets

By Caroline Salls

Pittsburgh, July 24 - JSC BTA Bank has decided to extend the scope of its moratorium on debt repayment, and it will also suspend interest payments on the borrowings, according to a company news release.

The company said it continues to maintain its banking operations, and payments and transfers are being made in a timely manner.

In addition, BTA said a meeting was held between its advisers, syndicated and bilateral creditors, eurobond holders and trade finance creditors that could lead to the formation of a creditor steering committee.

The company said the proposed steering committee members said they looked forward to cooperating with BTA, but they reserved all their rights.

According to the release, the meeting was informative only and did not seek endorsement in any way of the proposed framework for the restructuring process.

BTA is a Kazakhstan bank.

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