LONDON Feb 6 Kazakhstan's BTA Bank
, majority owned by the country's sovereign wealth
fund, on Monday announced the formation of a creditors' steering
committee to discuss debt restructuring after the bank defaulted
on its $2 billion Eurobond.
The bank, which is restructuring debt for the second time in
three years, said the steering committee would comprise holders
of senior as well as surbordinated debt, Recovery Notes,
discount notes as well as trade finance.
Investors represented on the committee include Ashmore,
FFTW-BNP Paribas Investment Partners, Nomura, JPMorgan, the
Asian Development Bank and Gramercy Funds. The statement said a
seat would be reserved for a representative of trade finance
creditors as well as the Swedish Export Credits Guarantee Board.
BTA and its advisors are to meet the Steering Committee in
London on Wednesday, Feb. 8, the bank said.
The bank failed to make $160 million in coupon payments
(Reporting by Sujata Rao; editing by Carolyn Cohn)