February 6, 2012 / 1:50 PM / 6 years ago

Kazakh BTA says creditor committee for debt restructuring

LONDON, Feb 6 (Reuters) - 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 last month

Reporting by Sujata Rao; editing by Carolyn Cohn

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