Kazakhstan's BTA Bank restructuring stay continued by British court

By Caroline Salls

Pittsburgh, Aug. 19 - JSC BTA Bank's stay on all claims related to designated financial debt will continue after termination of the bank's restructuring under an order from the High Court of Justice of England and Wales, according to a company news release.

The stay was originally imposed by the High Court on Dec. 18, 2009 in connection with a recognition order granted under the UNCITRAL Model Law on cross-border insolvency.

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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