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(BN) BTA Bank Debt Restructure Rebuffed by Investors, Barclays S ays
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BTA Bank Debt Restructure Rebuffed by Investors, Barclays Says 2009-09-10 12:30:10.331 GMT
By Laura Cochrane
Sept. 10 (Bloomberg) -- BTA Bank investors are spurning the Kazakhstan lender’s proposed $10.3 billion debt restructure and management will need to amend terms to win creditor approval before a Sept. 18 deadline, according to Barclays Bank Plc.
“It appears that BTA’s parsimonious initial restructuring proposal has been rebuffed by most investors,” Dmitry Poliakov, an emerging-market financial analyst at Barclays in London, said today in a phone interview, citing discussions with creditors.
“They are looking for higher recovery values.”
BTA is the largest Kazakhstan bank to default this year. On Sept. 4 it proposed four restructure options to creditors, including paying a maximum of $1 billion to buy back debt at
17.75 percent of face value. This offer should be increased to 20 to 25 percent to be “more closely aligned with investor expectations,” Poliakov wrote in a research report.
“Different investors want different prices and have different perspectives on how the restructure should be done,”
Poliakov said. “It’s very, very tricky and time is very, very limited.”
BTA’s restructure plan has to be agreed in principle with a 13-member creditor committee and submitted to the Kazakh regulator for an approval by Sept. 18. Creditors, which include JPMorgan Chase & Co. and U.S. Export-Import Bank, hired Deloitte & Touche LLP and Baker & McKenzie LLP to advise them on the restructure, BTA Chief Executive Officer Anvar Saidenov told reporters in Almaty today.
‘Some Risk’
“There is some risk that the restructuring process could fail, but we think that is relatively slim,” Poliakov said. BTA bondholders should continue to hold the debt because they will be able to “extract more value” once the restructure is completed, he said.
The government-owned National Wellbeing Fund Samruk-Kazyna bought a controlling 75.1 percent stake in BTA in February. The lender stopped making principal payments on its debt in April after creditors demanded immediate repayment and then ceased paying interest.
BTA shares dropped 3.6 percent in Kazakhstan trading to 2,700 tenge, bringing its loss this year to 94 percent.
(BN) BTA Bank Debt Restructure Rebuffed by Investors, Barclays S ays
+------------------------------------------------------------------------------+
BTA Bank Debt Restructure Rebuffed by Investors, Barclays Says 2009-09-10 12:30:10.331 GMT
By Laura Cochrane
Sept. 10 (Bloomberg) -- BTA Bank investors are spurning the Kazakhstan lender’s proposed $10.3 billion debt restructure and management will need to amend terms to win creditor approval before a Sept. 18 deadline, according to Barclays Bank Plc.
“It appears that BTA’s parsimonious initial restructuring proposal has been rebuffed by most investors,” Dmitry Poliakov, an emerging-market financial analyst at Barclays in London, said today in a phone interview, citing discussions with creditors.
“They are looking for higher recovery values.”
BTA is the largest Kazakhstan bank to default this year. On Sept. 4 it proposed four restructure options to creditors, including paying a maximum of $1 billion to buy back debt at
17.75 percent of face value. This offer should be increased to 20 to 25 percent to be “more closely aligned with investor expectations,” Poliakov wrote in a research report.
“Different investors want different prices and have different perspectives on how the restructure should be done,”
Poliakov said. “It’s very, very tricky and time is very, very limited.”
BTA’s restructure plan has to be agreed in principle with a 13-member creditor committee and submitted to the Kazakh regulator for an approval by Sept. 18. Creditors, which include JPMorgan Chase & Co. and U.S. Export-Import Bank, hired Deloitte & Touche LLP and Baker & McKenzie LLP to advise them on the restructure, BTA Chief Executive Officer Anvar Saidenov told reporters in Almaty today.
‘Some Risk’
“There is some risk that the restructuring process could fail, but we think that is relatively slim,” Poliakov said. BTA bondholders should continue to hold the debt because they will be able to “extract more value” once the restructure is completed, he said.
The government-owned National Wellbeing Fund Samruk-Kazyna bought a controlling 75.1 percent stake in BTA in February. The lender stopped making principal payments on its debt in April after creditors demanded immediate repayment and then ceased paying interest.
BTA shares dropped 3.6 percent in Kazakhstan trading to 2,700 tenge, bringing its loss this year to 94 percent.
2ANN_kz
рынок реально плохих новостей не замечает! и плохие (неустраивающие) аргументы не приемлет... зы)) просто двигаемся по течению и авось..
и ввысь...
49 сделок по "избранным бумагам" за час 
Отправлено 11 September 2009 - 12:57
