Kazakhstan's BTA Bank launches trade finance claim adjudication

By Caroline Salls

Pittsburgh, March 18 - JSC BTA Bank is launching an adjudication process for trade finance claims in connection with the restructuring of its debt, according to a news release.

The trade finance claims include those owed to or guaranteed by export credit agencies.

According to the release, the adjudication process is designed to categorize the claims of the bank's trade finance creditors and the related principal amounts.

Interest and other sums that may be payable to creditors in relation to their claims will be assessed at a later date under a procedure to be agreed upon between the bank and its creditors' steering committee.

As previously reported, BTA Bank signed a revised principal restructuring term sheet with the steering committee on Wednesday.

Under the revised term sheet, trade finance claims will be eligible to be restructured through a revolving committed trade finance facility.

ECA and trade-related government sector creditor claims will be reviewed by the adjudicator to confirm that these claims have been correctly classified.

BTA is a bank based in Almaty, Kazakhstan. It made a Chapter 15 bankruptcy filing on Feb. 4 in the U.S. Bankruptcy Court for the Southern District of New York. The case number is 10-10638.

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