Jan 26 Shareholders in Kazakh bank BTA
, majority-owned by the sovereign wealth fund, voted
against a debt restructuring plan at a meeting on Thursday, a
week after the bank went into official default for the second
Following is a timeline of the key events at BTA since the
bank, Kazakhstan's third largest by assets, became the biggest
of four Kazakh banks to default in 2009 in the wake of the
2008/09 global financial crisis.
Aug 2010- BTA completes a multibillion dollar debt
restructuring programme, which leads to sovereign wealth fund
Samruk-Kazyna becoming an 81.5 percent shareholder in the bank.
Samruk-Kazyna pledges, in time, to sell its stake to the private
May 12 2011 - BTA CEO says the bank has returned to profit,
but analysts and investors say results show a
slower-than-expected pace of recovery for BTA's banking
May 16 - A sell-off of BTA bonds forces the yield on the
$500 million 2025 bond to almost 15 percent, a rise of over 250
basis points in around two weeks.
May 18 - BTA asks Britain to arrest its former head Mukhtar
Ablyazov from whom the bank seeks billions of dollars in
compensation for alleged misappropriation.
June 21 - BTA says it has enough money to meet an upcoming
bond coupon payment, addressing fears among investors it might
default on its debt. The bank also says it is working with
Samruk-Kazyna to formulate a medium-term business plan.
July 1 - BTA meets a more than $150 million bond coupon
payment, making good on its pledges to investors to respect its
Sept 30 - BTA repays a $175 million loan instalment of a
trade finance loan agreed as part of its debt restructuring
Oct 20 - BTA's sovereign wealth fund owner Samruk-Kazyna
says it intends to continue supporting the bank. Samruk-Kazyna's
managing director Peter Howes blames "vested interests" for
spreading negative rumours that triggered further selling of BTA
Oct 31 - The International Monetary Fund urges Kazakhstan
to urgently address the issue of non-performing loans, saying
loans overdue by 90 days or more make up 28.7 percent of the
Kazakh banking sector's credit portfolio.
Nov 1 - Kazakh central bank data shows BTA posted a loss of
over $400 million in September driven by higher bad loan
Nov 11 - The governor of Kazakhstan's central bank says the
global financial climate could make it difficult for sovereign
wealth fund Samruk-Kazyna to sell its stakes in BTA within the
timeframe set under a debt restructuring programme.
Nov 30 - A Kazakh government source says Samruk-Kazyna is
preparing to inject more capital into BTA as part of a business
plan that could involve the bank buying back its bonds next
Dec 6 - Kazakhstan's financial regulator says it expects BTA
to submit two rescue proposals by the year-end, which will form
the blueprint for a plan to stave off bankruptcy.
Dec 22 - BTA says it will propose a further debt
restructuring at a shareholder meeting in late January 2012, a
move seen requiring creditors to write off at least half their
Dec 27 - BTA's chairman says it may not have enough cash to
make its next interest payment and believes a further debt
restructuring is in the best interests of all creditors and
Jan 3 2012 - BTA bonds fall to record lows as analysts say
the bank has so far failed to make coupon payments, risking a
Jan 4 - BTA's 2018 dollar bond hovers at record lows around
18 cents on the dollar after three sources tell Reuters the bank
did not meet $160 million in coupon payments due on Jan 3.
Jan 11 - The second of two creditor representatives on the
board of BTA leaves the bank as it gears up for emergency talks
with creditors enraged about a looming debt restructuring and
the non-payment of a coupon due the previous week.
The bank's chairman Anvar Saidenov tells Reuters BTA cannot
survive without a second round of debt restructuring, adding
that the bank's board has proposed a moratorium on debt
repayments, which would be voted on only at the bank's Jan. 26
Jan 12 - BTA says it will soon sell its 34 percent ($166
million) stake in Turkey's Sekerbank to its main
shareholder, Samruk-Kazyna, in a presentation to GDR holders
dated Jan. 11 and published to its website on Jan 12.
Holders of BTA's Eurobonds say they are considering forcing
early repayment on BTA's senior debt if the bank goes into
default the next week, potentially allowing other creditors to
demand repayment of up to $8 billion.
Jan 17 - BTA goes officially into default after missing the
10-day grace period to pay $160 million in bond coupons. An ad
hoc group of creditors say they will set up a formal committee.
Jan 20 - BTA's former head Mukhtar Ablyazov says in a letter
to Kazakh President Nursultan Nazarbayev he believes the bank's
second default was the result of its nationalisation and states
he is ready to return to the country and fix the bank.
Jan 26 - Shareholders in BTA vote against a debt
restructuring plan at a meeting. Despite the vote, BTA says its
will try to persuade creditors to accept the restructuring and
says it hopes to form a steering committee in the coming days to
negotiate the terms.
(Reporting by Alessandra Prentice)